In an email sent to Binance users, the renowned crypto exchange announced that it is actively seeking a new SWIFT partner for USD-denominated transactions, and this will cause service disruptions which’ll impact many users looking to buy and sell cryptocurrencies in U.S. dollars via the SWIFT payment system.

Binance stressed the fact that this decision comes from its banking partner, and that its exchange will not be the platform impacted by this shift. The service disruption will occur on February 1st, and that Binance users “may not be able to use bank accounts to buy or sell crypto with USD via SWIFT with a value less than $100,000 USD after February 1st, 2023”.

Sources:

https://www.investing.com/news/cryptocurrency-news/binances-swift-banking-partner-set-to-ban-usd-transfers-below-100k-2985290

https://thedeepdive.ca/the-end-of-crypto-binance-reportedly-unable-to-process-sub-100k-fiat-transactions-as-of-february-1/