FDIC Statement leads to Signature Bank Halting Low Value USD SWIFT Transfers on Binance

Binance SWIFT banking partner set to ban USD transfers below $100K

Step by step, the banksters will quarantine the crypto market to especially hurt the wretched retail investor. Notice how this will not affect the rich and corporate accounts.

Binance stressed that credit and debit card payments will continue to be accepted and that non-USD bank transfers would still be processed through the SWIFT payment system.

How kind.

The service disruption will impact users of U.S Dollar-held bank accounts that are looking to buy or sell cryptocurrencies for less than $100,000 via the SWIFT payment system. The disruption will take effect on February 1.

The banking partner involved is Signature Bank, according to a Jan. 21 report by Bloomberg. The bank set the minimum transaction limit of $100,000 in effort to decrease its exposure to the digital asset market, Bloomberg explained.

Signature Bank pulls back from crypto transactions below $100,000: Binance

The shift comes after the Federal Deposit Insurance Corporation warned of crypto-asset risks. The FDIC is the primary US federal regulator of banks that are chartered by the states that do not join the Federal Reserve System. While banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector raise significant safety and soundness concerns, FDIC said in a Jan. 5 statement.

Joint Statement on Crypto-Asset Risks to Banking Organizations

There you go! The primary cause of this is the FDIC's "concerns".