Binance has released a note to its customers, informing them about a potential disruption of its services which may result in halting on- and off-ramp banking transfers.
Customers with USD-held bank accounts will be directly impacted by the service update. Particularly, those who wish to purchase or sell crypto for less than USD 100k through the SWIFT payments system. Binance states that this update will come to its services starting with the 1st of February 2023.
Binance informed its Binancians (users of Binance) of the latest news via a mass email sent on the 21st of January 2023. The note stressed that Binance is currently seeking in an active way a new partner for SWIFT (USD) services to avoid such disruptions in the services enabled by the crypto exchange to other types of bank payments.
The crypto exchange declared that this latest decision came from the SWIFT banking partner, not from Binance. The latter also stated that it won’t be the only crypto exchange platform to receive this service disruption.
The email also stated that users are advised to hold off on their purchases until Binance can find an alternative, meaning that transactions with less than USD 100k after the 1st of February 2023 made to buy or sell crypto with dollars via SWIFT are a no-go.
However, Binance emphasised that its users can still use debit or credit cards to make crypto transactions. Payments from third parties (other crypto exchanges) will be processed still.
