{"id":72886,"date":"2023-01-22T08:49:16","date_gmt":"2023-01-22T06:49:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72886"},"modified":"2025-09-09T10:57:17","modified_gmt":"2025-09-09T07:57:17","slug":"binances-banking-partner-to-cap-usd-payments-by-the-exchanges-customers","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binances-banking-partner-to-cap-usd-payments-by-the-exchanges-customers\/","title":{"rendered":"Binance&#8217;s banking partner to cap USD payments by the exchange&#8217;s customers"},"content":{"rendered":"<p>Binance&#8217;s banking partner\u2014Signature Bank\u2014will stop processing SWIFT payments for users of the exchange in fiat US dollars below $100,000. The institution aims to reduce the impact of the digital-asset market on its business, Bloomberg reports, citing a statement from the crypto platform.<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cOne of our fiat banking partners, Signature Bank, has told us that from February 1, 2023 it will stop supporting purchases and sales below $100,000 for cryptocurrency exchanges. This affects all its clients among crypto trading platforms. As a result, some users will not be able to use bank SWIFT transfers to buy or sell digital assets in US dollars if the amount does not exceed the threshold,\u201d the agency quotes the company\u2019s statement.<\/p>\n<\/blockquote>\n<p>In an interview with Bloomberg, a Binance spokesperson said that the restrictions will not affect other SWIFT banking partners. He also emphasized that Signature Bank \u201cserves 0.01% of the exchange\u2019s monthly active users,\u201d and the company \u201cis actively working on finding an alternative solution.\u201d<\/p>\n<p>Some users have already reported receiving an email from the exchange warning of the forthcoming restrictions.<\/p>\n<blockquote class='twitter-tweet'>\n<p dir='ltr' lang='en'>CONFIRMATION THAT BINANCE HAS BEEN CUT OFF FROM SWIFT FOR USD TRANSFERS IN MULTIPLE COUNTRIES: <a href='https:\/\/t.co\/PdUrq5Cghf'>https:\/\/t.co\/PdUrq5Cghf<\/a> <a href='https:\/\/t.co\/O6Yum7749g'>pic.twitter.com\/O6Yum7749g<\/a><\/p>\n<p>\u2014 DIRTY BUBBLE MEDIA: THE WALLED GARDEN (@MikeBurgersburg) <a href='https:\/\/twitter.com\/MikeBurgersburg\/status\/1616914299515027456?ref_src=twsrc%5Etfw'>January 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>According to The Wall Street Journal, Signature Bank and another lender serving digital-asset companies \u2014 Silvergate Bank \u2014 are actively borrowing from the Federal Home Loan Banks consortium.<\/p>\n<p>According to the report, in the fourth quarter of 2022, Signature Bank raised about $10 billion, while Silvergate Bank received nearly $3.6 billion. Journalists noted that institutions needed capital to prevent a bank run.<\/p>\n<p>Earlier in the fourth quarter, Silvergate Bank&#8217;s net loss <a href=\"https:\/\/forklog.com\/en\/news\/silvergate-bank-posts-a-1-05-billion-quarterly-loss-for-q4-2022\">exceeded $1 billion<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance&#8217;s banking partner\u2014Signature Bank\u2014will stop processing SWIFT payments for users of the exchange in fiat US dollars below $100,000.<\/p>\n","protected":false},"author":1,"featured_media":72887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1986],"class_list":["post-72886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-signature-bank"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=72886"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72886\/revisions"}],"predecessor-version":[{"id":72888,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72886\/revisions\/72888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/72887"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=72886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=72886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=72886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}