{"id":517060,"date":"2023-01-22T17:14:34","date_gmt":"2023-01-22T22:14:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=517060"},"modified":"2023-03-08T07:25:46","modified_gmt":"2023-03-08T07:25:46","slug":"binance-announce-transaction-limit-by-fiat-partner","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/binance-coin\/binance-announce-transaction-limit-by-fiat-partner\/","title":{"rendered":"Binance Announces New Transaction Limit By Fiat Partner &#8211; What Could This Mean For BNB?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">According to a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-22\/binance-says-signature-sets-transaction-minimum-amid-pullback?srnd=cryptocurrencies-v2&amp;leadSource=uverify%20wall\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> by Bloomberg, crypto exchange Binance has announced that one of its fiat trading partners, Signature Bank, will no longer be processing transactions of less than $100,000 as the bank attempts to reduce its exposure to the cryptocurrency market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Binance said this is a broad action affecting all crypto exchanges dealing with Signature bank. And that efforts are underway to find an alternative solution immediately for members of its user community whose accounts are serviced by this bank.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cOne 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 USD 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 USD,\u201d the statement sent by Binance to Bloomberg News on Saturday, said.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Signature Bank is one of the biggest fiat banking partners in the crypto industry in collaboration with many industrial giants, including Binance, Kraken, Coinbase, Circle and the now-bankrupt FTX exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following the heavy losses in the crypto market in 2022, Signature Bank lost about 64% of its shares (SBNY) value after paying out $8.1 billion worth of digital assets in service of withdrawal orders during the last quarter of the year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To avoid similar losses in the future, Signature Bank has begun a massive withdrawal process from the cryptocurrency industry. To this effect, the New York-based bank even plans on voluntarily <a href=\"https:\/\/www.binance.com\/en\/feed\/post\/111358\" target=\"_blank\" rel=\"noopener nofollow\">reducing<\/a> its crypto deposits by $8 billion to $10 billion.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/theta-breaches-1\/\" target=\"_blank\" rel=\"noopener \">THETA Breaches $1 Level Courtesy Of Solid On-Chain Developments<\/a><\/div>\n<h2><strong>How Does Signature Bank\u2019s Action Affect Binance Coin (BNB)?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Following the announcement of Signature Bank\u2019s minimum transaction limit by Binance, there has been no significant effect on the BNB token. <a href=\"https:\/\/coinmarketcap.com\/currencies\/bnb\/\" target=\"_blank\" rel=\"noopener nofollow\">According to CoinMarketCap<\/a>, BNB is trading at $302.89, having lost only 0.11% of its value in the last 24 hours.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-517062 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Screenshot-261.png?resize=860%2C517\" alt=\"binance\" width=\"860\" height=\"517\"><\/p>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">BNBUSD trading at $303.0 | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BNBUSD\/\" rel=\"nofollow\">BNBUSD Chart on Tradingview.com.<\/a>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ordinarily, BNB\u2019s price movement is within the range of an expected reaction as Signature services only 0.01% of the average monthly customers on Binance. Thus, causing no need for panic among investors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, it may be too early to tell the full effects of Signature\u2019s action on the BNB token, especially considering the ongoing social media rumors on Binance\u2019s \u201ctrue\u201d relationship with the American banking giant.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/shiba-inu-tallies-20-jump\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Shows Aggressiveness With 20% Jump In The Weekly Charts<\/a><\/div>\n<h2><strong>Binance In Trouble?\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Apparently, it is <a href=\"https:\/\/twitter.com\/exkrementkoin\/status\/01388802?s=46&amp;t=dF1--9L_A8AIZXFtlhec6g\" target=\"_blank\" rel=\"noopener nofollow\">believed<\/a> by some crypto enthusiasts that Binance has been dealing with Signature via an account belonging to \u201cKey Vision Development Limited\u201d, a Seychelles-based company that has been defunct since September 2021.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to rumors, Signature Bank imposed a $100,000 minimum transaction limit on crypto transactions only after forcefully closing Binance&#8217;s \u201cphony\u201d account. Some also <a href=\"https:\/\/twitter.com\/mikeburgersburg\/status\/59332352?s=46&amp;t=dF1--9L_A8AIZXFtlhec6g\" target=\"_blank\" rel=\"noopener nofollow\">say<\/a> that Binance is the only exchange affected by this new transaction limit policy, especially since there have been no official statements from other crypto exchange clients of Signature bank.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">That said, it is worth stating that all these statements are still rumors with no confirmation by any credible authority. However, Binance users as well as BNB investors, are advised to watch out for any developments in that space.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\"><em>Featured Image: Reuters,\u00a0 Chart from Tradingview.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to a report by Bloomberg, crypto exchange Binance has announced that one of its fiat trading partners, Signature Bank, will no longer be processing transactions of less than $100,000 as the bank attempts to reduce its exposure to the cryptocurrency market. Binance said this is a broad action affecting all crypto exchanges dealing with Signature bank. And that efforts are underway to find an alternative solution immediately for members of its user community whose accounts are serviced by this bank. \u201cOne 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 USD 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 USD,\u201d the statement sent by Binance to Bloomberg News on Saturday, said. Signature Bank is one of the biggest fiat banking partners in the crypto industry in collaboration with many industrial giants, including Binance, Kraken, Coinbase, Circle and the now-bankrupt FTX exchange.\u00a0 Following the heavy losses in the crypto market in 2022, Signature Bank lost about 64% of its shares (SBNY) value after paying out $8.1 billion worth of digital assets in service of withdrawal orders during the last quarter of the year. To avoid similar losses in the future, Signature Bank has begun a massive withdrawal process from the cryptocurrency industry. To this effect, the New York-based bank even plans on voluntarily reducing its crypto deposits by $8 billion to $10 billion.\u00a0 Related Reading: THETA Breaches $1 Level Courtesy Of Solid On-Chain Developments How Does Signature Bank\u2019s Action Affect Binance Coin (BNB)? Following the announcement of Signature Bank\u2019s minimum transaction limit by Binance, there has been no significant effect on the BNB token. According to CoinMarketCap, BNB is trading at $302.89, having lost only 0.11% of its value in the last 24 hours. BNBUSD trading at $303.0 | Source: BNBUSD Chart on Tradingview.com.\u00a0 Ordinarily, BNB\u2019s price movement is within the range of an expected reaction as Signature services only 0.01% of the average monthly customers on Binance. Thus, causing no need for panic among investors.\u00a0 However, it may be too early to tell the full effects of Signature\u2019s action on the BNB token, especially considering the ongoing social media rumors on Binance\u2019s \u201ctrue\u201d relationship with the American banking giant.\u00a0 Related Reading: Shiba Inu Shows Aggressiveness With 20% Jump In The Weekly Charts Binance In Trouble?\u00a0 Apparently, it is believed by some crypto enthusiasts that Binance has been dealing with Signature via an account belonging to \u201cKey Vision Development Limited\u201d, a Seychelles-based company that has been defunct since September 2021.\u00a0 According to rumors, Signature Bank imposed a $100,000 minimum transaction limit on crypto transactions only after forcefully closing Binance&#8217;s \u201cphony\u201d account. Some also say that Binance is the only exchange affected by this new transaction limit policy, especially since there have been no official statements from other crypto exchange clients of Signature bank.\u00a0 That said, it is worth stating that all these statements are still rumors with no confirmation by any credible authority. However, Binance users as well as BNB investors, are advised to watch out for any developments in that space.\u00a0 Featured Image: Reuters,\u00a0 Chart from Tradingview.com<\/p>\n","protected":false},"author":581,"featured_media":517061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,13291,11427,87681],"class_list":["post-517060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-binance-coin","tag-bnb","tag-signature-bank"],"acf":[],"yoast_head":"\n<title>Binance Announces New Transaction Limit By Fiat Partner - What Could This Mean For BNB?<\/title>\n<meta name=\"description\" content=\"According to a report by Bloomberg, crypto exchange Binance has announced that one of its fiat trading partners, Signature Bank, will no longer be\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/binance-coin\/binance-announce-transaction-limit-by-fiat-partner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Announces New Transaction Limit By Fiat Partner - What Could This Mean For BNB?\" \/>\n<meta property=\"og:description\" content=\"According to a report by Bloomberg, crypto exchange Binance has announced that one of its fiat trading partners, Signature Bank, will no longer be\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/binance-coin\/binance-announce-transaction-limit-by-fiat-partner\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-22T22:14:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-08T07:25:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/SD3BIUQNDZOULGADNZAPJJWKV4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"694\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/binance-coin\/binance-announce-transaction-limit-by-fiat-partner\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/binance-coin\/binance-announce-transaction-limit-by-fiat-partner\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Binance Announces New Transaction Limit By Fiat Partner &#8211; 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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