According to the global cryptocurrency exchange Binance, its fiat partner, Signature Bank, would not execute transactions for customers of cryptocurrency exchanges that are less than $100,000 in total value.
According to Bloomberg, Binance said this: “One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than 100,000 USD as of February 1, 2023.” Binance is a cryptocurrency exchange.
This latest upgrade is relevant to Signature Bank customers who use Binance as well as any other cryptocurrency exchange. There is a possibility that some individual users, apart from their business accounts, may not be allowed to utilize SWIFT bank transfers in order to buy or sell cryptocurrencies for quantities that are less than $100,000 USD.
Binance said that Signature Bank only served 0.01% of its typical monthly customers and that the company is actively looking into other potential service providers at this time.
During this time, customers were able to buy and sell bitcoin using credit or debit cards, as well as one of the other fiat currencies supported by Binance.
In the wake of the failure of a number of cryptocurrency companies, the once-supportive of cryptocurrencies Signature bank has implemented a minimum transaction barrier of $100,000 in an attempt to lessen its reliance on the market for digital assets.
Although the FTX crypto exchange’s deposits with Signature made up less than 0.1% of the bank’s total deposits, the collaboration between the two resulted to an almost 20% decrease in the share price for Signature in November. FTX was a cryptocurrency exchange that went out of business earlier this year.
Compiled by Coinbold
