Bank working with Binance sets $100,000 transaction minimum for crypto traders.
Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.A bank serving some clients of the world’s largest cryptocurrency exchange, Binance, will only process customer transactions exceeding $100,000, starting from the first day of February.
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. Only 0.01% of Binance’s monthly users are serviced by Signature Bank and no other banking partners are impacted, the crypto company pointed out through a spokesperson. Card payments and non-USD transfers will not be affected.
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