Binance's banking partner Signature Bank announced a reduction in its exposure to digital assets and an increase in the threshold for individuals to buy and sell cryptocurrency assets

ChainCatcher news, Binance announced that as Signature Bank reduces its exposure to the digital asset market, the bank will only process user transactions over $100,000. "One of our banking partners, Signature Bank, announced that starting from February 1, 2023, it will no longer support any cryptocurrency exchange customers with transaction amounts below $100,000. This move affects all of its cryptocurrency exchange customers. Therefore, some individual users may not be able to use SWIFT bank transfers to buy or sell cryptocurrencies for amounts less than $100,000." A Binance spokesperson stated that other banking partners are not affected by this event and are currently "actively working to find alternative solutions," and that "0.01% of the transactions generated by users on average each month are serviced by Signature Bank."

Previous news, Signature Bank stated that after the FTX collapse, its deposits in FTX were less than 0.1% of total deposits. At the beginning of last December, Signature announced it would reduce cryptocurrency-related deposits by $8 billion to $10 billion. Earlier this month, Signature Bank disclosed that its pre-tax, pre-provision earnings for 2022 reached a record $1.83 billion, an increase of 41.3% compared to $1.3 billion in 2021.

ChainCatcher note: SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a network used by financial institutions to transmit information and instructions. (Bloomberg)