- Binance said its fiat partner will no longer honor bank transfers of less than $100,000.
- The new rule will come into effect from February this year.
- Robinhood (NASDAQ:) has launched a Web3 wallet with more than 1 million users on its waiting list.
In an email sent to clients recently, its partner Binance, the largest crypto exchange, said, signature bank (NASDAQ:) will no longer honor bank transfers of less than $100,000 to its users as of February 1, 2023.
This new directive from Signature Bank indicates that some users will not be able to buy or sell cryptocurrencies through cryptocurrency exchanges with amounts less than $100,000 using SWIFT wire transfers.
The action will spark more turmoil in the cryptocurrency market, said attorney John Reed Stark, urging investors to “get out now.”
More disturbances. More lack of transparency. More deception. More cruelty. More unregulated bullshit without consumer protection. Excuse me. Gets. Outside. right Now. https://t.co/807zo15hYg
John ReedStark January 22, 2023
The post that Binance users can no longer use Swift for transactions of less than $100,000 first appeared in Coin.