Binance Informs Customers of Upcoming Service Disruption
Zach Anderson Jan 23, 2023 09:53
Disruption begins February 1. U.S. Dollar-held bank account holders who use SWIFT to acquire or sell cryptocurrencies under $100,000 may be impacted. Binance needs a new SWIFT (USD) partner to prevent service delays.
It has been brought to the attention of the retail customer base of the cryptocurrency exchange Binance that there is a possibility that they may be unable to access their accounts at some point in the not-too-distant future due to the fact that the exchange may go out of business. In the event that anything comparable occurs, there is a possibility that on-ramp and off-ramp bank money transfers will no longer be possible.
Users who wish to buy or sell cryptocurrencies for an amount that is less than one hundred thousand dollars and want to use the SWIFT payment method will be affected by the disruption in service that is currently taking place. After the temporary disruption in operation, customers will only have access to the SWIFT payment method to the extent that their bank accounts are denominated in United States dollars. This is the rationale for the aforementioned limitation.
The day that will mark the beginning of the day is going to be February 1, which is when the implementation period for the new rule is planned to begin. This day will also mark the beginning of the day.
Binance sent an email to its customers, also known as "Binancians," on the 21st of January to inform them of the news and emphasise that the company is "actively seeking" a new SWIFT (USD) partner in order to prevent service interruptions for upcoming bank payment transfers. Binance customers are also referred to as "Binancians." People who trade cryptocurrencies on the Binance market are referred to as "Binancians." In the marketing materials distributed by Binance, customers are referred to not just as "Binancians," but also as "Binancians." Residents of Binance are sometimes referred to as "Binancians" when referring to themselves collectively in common vernacular. Binancians are users of the Binance platform who engage in cryptocurrency trading. Binancians are referred to by this platform's name. The year 2017 marks the beginning of Binance's operations.
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