Back in December, Signature Bank signaled it would reduce the deposits from digital asset players following the crypto crash. Now it is also restricting payment transactions where it acts as an onramp and offramp, sending and receiving fiat payments for cryptocurrency exchanges. That’s according to the largest exchange Binance. The move is surprising, given comments made during Signature’s earnings call last week.
“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 USD 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,” Binance said in a statement according to Bloomberg News.
We contacted Signature Bank for confirmation but didn’t receive a response in time for publication.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
