USD bank transfers comprise only a small portion of monthly active users, the exchange said.
Binance announced to its customers by email on Saturday (21) that as of February 1 it will no longer be able to use the SWIFT system for bank transfers with U.S. dollars to buy or sell cryptocurrencies in transactions under $100,000.
The SWIFT network emerged in the 1970s and standardized bank numbers and branches worldwide. Cryptocurrency exchanges use the network to allow customers to make international remittances with foreign currency.
Binance’s problem seems to be with the partner company that handles these remittances. The company says nothing about this in the announcement, but says it is looking for a new partner.
“The banking partner managing your account has indicated that they will be better able to process US dollar transactions through SWIFT if they are for amounts less than $100,000. This is happening with all of your cryptocurrency clients. Please note that until we find an alternative solution, you may not be able to use your bank account to buy or sell U.S. dollar cryptocurrencies via SWIFT for amounts less than $100,000 as of February 1,” Binance states in the email.
According to a Bloomberg report, the Binance partner that is limiting the use of SWIFT is Signature Bank, which with the move is implementing a policy of reducing its exposure to the digital asset market.
In its statement, Binance says that customers will still be able to buy cryptocurrencies via credit and debit cards, transfers with other fiat currencies (euro, for example) and on the p2p system.
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