Prominent decentralized exchange (DEX) aggregator 1inch is announcing a major partnership with payments giant Mastercard to create a debit card that will allow consumers to make purchases with either crypto or fiat funds. 1inch (1INCH) is announcing the launch of a partnership with Mastercard and Crypto Life to create a web3 debit card. According to […]
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A former executive of German financial giant Deutsche Bank has been handed a 30-year prison sentence for his role in a crypto fraud scheme. In a new press release, the U.S. Department of Justice (DOJ) says that ex-investment banker and registered broker Rashawn Russell has pleaded guilty to charges of perpetrating a crypto fraud scheme […]
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On March 4, 2023, cryptocurrency exchange Bybit announced that it had suspended U.S. dollar deposits via bank transfer. Bybit cited “outages” from its partner as the reason for the suspension of USD deposits via bank transfers and the SWIFT network. Bybit Suspends USD Deposits, Wire Transfer Withdrawals Open Until March 10 The cryptocurrency exchange Bybit, […]
On Thursday, the fiat-to-crypto onramp business Moonpay announced a multi-year partnership with the non-fungible token (NFT) marketplace Looksrare. According to the deal, Looksrare will allow marketplace users to buy and sell crypto assets through Moonpay’s services. Moonpay and Looksrare Join Forces to Streamline NFT Transactions Moonpay, the fiat-to-crypto service founded in 2019, revealed that it […]
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.
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 February 1.
Binance announced the news to its “Binancians” by email on January 21, stressing that they’re now “actively seeking” a new SWIFT (USD) 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:
“This is the case for all of their crypto exchange clients. Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than $100,000 USD after February 1st, 2023.”
Binance did however stress 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.
Related: Binance suspends trader’s account after complaints on Twitter
Binance confirmed the change wouldn’t impact its “Corporate Accounts.”
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.
While payment service disruption wasn’t Binance’s decision, the trading platform has suspended transfers in recent times.
Binance recently imposed a temporarily suspension on Solana-based USDT and USDC deposits on November 17.
While the exchange also temporarily suspended Ether (ETH) and wrapped-Ether (wETH) deposits and withdrawals for about 10 days ahead of the Ethereum Merge.
Update 12:50am UTC time on January 22: Added a statement from Bloomberg.
One of the biggest payment networks in the world is filing a trademark application for a crypto exchange platform as well as other crypto-related products. According to new documents, payments giant Visa is filing trademark applications to create a digital assets exchange, a crypto wallet, non-fungible tokens (NFTs), and virtual environments where users can interact. […]
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Two Kenyan students accused of hacking credit cards and using the ill-gotten funds to buy bitcoin have been arrested by the Directorate of Criminal Investigations, a statement from the law enforcement agency has said. After converting the cryptocurrency to local currency, the two students would use the fraudulently acquired funds to sustain their lavish lifestyle. […]
Payments giant American Express is reportedly going to launch its first ever credit card that offers crypto rewards. According to a new report by Forbes, the financial titan is teaming up with crypto wealth management platform Abra to launch a credit card that would allow users to earn crypto rewards on any purchase category or […]
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Financial services titan Mastercard is now allowing users to directly purchase non-fungible tokens (NFTs) using their credit cards. According to a new blog post penned by executive vice president of digital asset partnerships Raj Dhamodharan, Mastercard is teaming up with several prominent payment platforms and crypto marketplaces to allow NFT purchases without the need to […]
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A recent survey study has found that two out of five Americans in committed relationships have admitted to hiding a cryptocurrency purchase from their partner. The crypto-cheating partners believe disclosing the purchase would damage their relationship. Reasons for Not Disclosing Purchases A Circuit survey study that sought to determine the extent of financial infidelity among […]