Binance says Signature Bank has set transaction floor amid pullback

Binance, the world’s largest cryptocurrency exchange, said Signature Bank will only handle user transactions of more than $100,000 as the bank decreases its exposure to digital-asset markets.

“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than $100,000 as of February 1, 2023. This is the case for all of their crypto exchange clients. As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than $100,000,” Binance said in a statement sent to Bloomberg News on Saturday.

No other banking partners are impacted, a Binance spokesperson said. SWIFT is a network used by financial institutions to transmit information and instructions.


Contagion fears in the digital assets market have reached traditional finance companies such as Signature and Silvergate Capital, which saw its shares tumble as much as 40% after the bank disclosed its customers withdrew about $8.1 billion of digital-asset deposits during the fourth quarter. Signature's shares fell 64% last year.