Binance has informed its retail customer base of a potential incoming service disruption that may halt on and off-ramp bank payment transfers.
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 Feb. 1.
Binance announced the news on Jan. 21, stressing that they’re now actively seeking a new SWIFT partner to avoid service disruptions for future bank payment transfers.
The cryptocurrency exchange added that this was the banking partner’s decision and that Binance wouldn’t be the only trading platform impacted by the change.
Binance stressed that customers would still be able to use their credit or debit card to buy or sell cryptocurrencies, and that payments to or from third-party exchanges would still be processed.The cryptocurrency exchange added that SWIFT-based transfers would remain in operation for non-USD bank transfers, such as the Euro.
