Binance exchange confirmed that its customers may face a problem because of its Swift (USD) Bank partner because services of USD Bank transfer on Binance may stop from 1 Jan Feb 2023 and it will mainly target retail customers because of the minimum limit.
Binance is a popular Crypto platform and stands at the first rank in terms of 24 hours global Crypto trade volume on its platform. The current position of this exchange is showing that the majority of the crypto exchanges are very far in the competition with Binance, thanks to the secured & responsive Crypto services of this exchange.
On 21 Jan 2023, Binance announced that its banking partner decided not to process USD Swift bank transfers below $100k and this will come into effect from 1 Feb 2023.
In short, Binance users will not be allowed to deposit less than $100k in their Binance account to buy crypto assets.
Here it doesn’t mean that other services will not be allowed. All the non-USD bank transfers will remain unaffected and also customers will be able to use their Credit & Debit card payments to purchase crypto assets.
To solve this issue, Binance confirmed that it is working to tie up with another bank partner so that services remain active & smooth for all the retail traders which use small USD Bank transfers to purchase crypto assets.
On 21 Jan Bloomberg reported that Signature Bank reduced its minimum transaction limit by $100k so that it can degrade the customers’ exposure to the Crypto market.
Binance & Poland
Just four days ago, Binance received regulatory approval from Poland’ financial supervision authority. So now Binance can provide its crypto services with full confidence in the Crypto industry of Poland.