In an email sent to customers recently, Binance, the largest crypto exchange, said its fiat partner, Signature Bank (NASDAQ:SBNY), would no longer honor bank transfers below $100,000 for its users from February 1, 2023.
This new directive from Signature Bank implies that some users would be unable to use SWIFT bank transfers to buy or sell crypto through crypto exchanges for amounts less than $100,000.
A lawyer, John Reed Stark, said the action would spark more turmoil in the crypto market, urging investors to ‘get out now.’
Source: Cryptocurrency - investing.com
