Binance Users Can No Longer Use Swift for Transactions below $100k

• Binance said its fiat partner would no longer honor bank transfers below $100,000.
• The new rule will take effect from February this year.
• Robinhood has launched its Web3 Wallet to over one million users on its waitlist.

In an email sent to customers recently, Binance, the largest crypto exchange, said its fiat partner, Signature Bank, would no longer honor bank transfers below $100,000  for its users from February 1, 2023.

This new directive from Signature Bank implies that some users would be unable to use SWIFT bank transfers to buy or sell crypto through crypto exchanges for amounts less than $100,000. 

A lawyer, John Reed Stark, said the action would spark more turmoil in the crypto market, urging investors to ‘get out now.’

SWIFT is a Belgian cooperative that facilitates billions of dollars in international money settlements daily. Last year, the US and its allies shut Russia off SWIFT due to the Ukraine conflict.

In other news, Robinhood Markets, Inc., a financial services company headquartered in California, has launched its Web3 Wallet to over 1 million users on its waitlist. 

Johann Kerbrat, Robinhood’s general manager, noted on Twitter that the company made tremendous improvements to the previous beta version program based on customer feedback.

Notably, the firm has been running the beta version of the Web3 wallet for almost a year, gathering users’ feedback and adjusting features accordingly. The new Robinhood Wallet aims to revolutionize the crypto market by providing zero fees on swaps and crypto trades.

Interestingly, Robinhood Wallet will grant each customer $5 of crypto once the user downloads and gains access to the app, a marketing strategy aimed at attracting more customers from competitors like MetaMask.