Are SWIFT payments really banned by crypto exchanges?

In the last few hours, news has been circulating according to which crypto exchanges no longer accept SWIFT payments. Well, this news is fake. Yesterday, Binance sent an email to its customers who have USD accounts to warn them that SWIFT transfers of less than $100,000 will no longer available from February 1st, 2023.

Obviously this news immediately triggered an unwarranted FUD which makes no sense, as it specifically concerns only a banking partner of Binance, Signature Bank, which is reducing its exposure to the crypto industry.

The problem would not only concern Binance, but also all the other exchanges that use that specific banking partner. The CZ’s team immediately took action to find another banking partner so as not to create inconvenience to users. The problem only affects USD transactions via SWIFT, therefore it does not affect transactions in other fiat currencies, nor those in USD made on other payment circuits, such as credit and debit cards. In addition, USD transactions via SWIFT above $ 100,000 will be processed normally without any problems.

Last year a ban on SWIFT payments was imposed on Russian banks, according to the sanctions of the European Union and other Western countries due to Russia’s invasion of Ukraine.

In an article of a few days ago, Division Chief and Deputy Managing Director of the International Monetary Fund called for SWIFT regulatory action to avoid “Crypto Contagion” to traditional finance, as according to them the high volatility and instability of crypto assets could also negatively affect other markets.

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