A Break Between Binance and Signature Bank ?
Binance announced that one of its major banking partners, Signature Bank, will not process transactions that are less than $100,000, starting from next month.
As a result, Signature Bank’s clients will not be able to use the SWIFT system (for banking transactions) with the previous ease. Of course, the percentage of Binance’s clients that use Signature Bank for buying / selling cryptos with USD are less than 0.01 %.
It’s worth noting that Signature Bank was also a banking partner for FTX, affected also from its bankruptcy.
This doesn’t mean that Binance wouldn’t find alternative solutions or a similar scenario wouldn’t be avoided in the future.
The market is slowly getting back in the track and everything is expected to get in line…..