Global cryptocurrency exchange, Binance is currently looking for an alternative to its former transaction facilitator, Signature Bank which recently announced an upgrade to the minimum transfer limits for retail customers.
Signature Bank said that beginning from the first of February, it will only facilitate the sale or buying of cryptocurrency whose amount is not less than $100,000.
“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 as of February 1, 2023. This is the case for all of their crypto exchange clients,”
“As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.”Bloomberg quotes the exchange.
To this end, Binance says that it is actively seeking a new partner to take on the role of Signature Bank.