Binance Says Signature Bank Won’t Support Transactions for Crypto Exchange Customers of Less Than $100K

Signature Bank will not handle transactions of less than $100,000 for crypto exchange customers, according to a statement from exchange giant Binance.

Binance said in the statement emailed to CoinDesk that Signature had told the company that it “would 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,” and that this would be true for “all Signature’s crypto exchange clients.”

“As a result, some individual users” might not be able to use SWIFT bank transfers to purchase or sell digital assets “with/for USD” for smaller amounts.

Binance said that 0.01% of our average monthly users were serviced by Signature Bank, and that it was actively working to find an alternative solution."

The company added that users could continue using their accounts, including "buying and selling crypto using credit or debit cards, using one of the other fiat currencies supported by Binance."

Bloomberg first reported the news.