SWIFT

solomonsatoshi

Like most manufactured goods, most iPhones are made in China. Russia and Iran are dependent upon China to buy their oil exports, which China buys at a nice discount. Russia and Iran then buy most of their import requirements from China. This is possible due to Chinas CBDC Yuan based alternative to the USD SWIFT, and the fact that the USA cannot afford to challenge Chinas blatant breaches of US sanctions. Ignorance/denial of Chinas mounting CBDC Yuan challenge to the USD is phenomenal.

Renowned_Molecule

Anyone who reads this needs to research XRP, XLM, SWIFT. Then decide if this is significant. RFK is stealing an idea as his own idea! Don’t fall for this guy. The global financial system has already been partnered with blockchain providers.

Jenn2895

Yes. Blue Chip. Chainlink just spent years testing w/ DTCC (the stock market), SWIFT (Worlds largest financial messaging service), ANZ Bank, Jp Morgan & others. Citi Group predicts $Link may take prominence over btc. Even the Wef has mentioned them as part of the 4th industrial revolution. https://www.dtcc.com/dtcc-connection/articles/2023/september/21/bringing-capital-markets-onchain-with-dtcc-and-chainlink

plucesiar

SWIFT transfers don't cost 3-5%

solomonsatoshi

USA cannot declare war on China because to do so would bankrupt most of its largest corporates and the USA itself. China has already won the trade war and now the war by proxy looks like going Chinas way to. Iran and Russia are both only viable because of Chinas monetary channels enabling their trade to continue despite US sanctions. China has already built a viable trade payments alternative to the USD SWIFT netowork. Amazing how IN DENIAL many Americans are about how China has crept up upon their global monetary and resource hegemony and looks like taking from them before they even wake up! Half the ships today are built by China- less than 1% are built by the USA. The replacement for the petrodollar will more likely than not be the CBDC Yuan which is what Irans and Russias exports are paid for with Already.

dj_destroyer

>If you're moving that much money through your bank, odds are they're going to waive your wire fees because you're a high priority customer.  This isn't true. SWIFT transfers usually cost 3-5% due to bank fees but also due to forex/conversion. Agreed that anything under $300 shouldn't be transferred with Bitcoin -- stick to CC, Venmo, Cashapp, PayPal or even better: Lightning. When was the last time anyone physically transported their own gold to make a transaction without using any services? When was the last time a credit card settled immediately? Same with Venmo or CashApp -- it's not like you literally get the fiat someone sends you, it's all handled on the backend by a centralized service. IF you want/need decentralized p2p payments, particularly with large amounts, then Bitcoin is the way. Never in the history of finances has billions been sent for pennies, until Bitcoin. I also don't balk at fees, of any price, because it is market demand and used to secure the network. One day, Bitcoin won't have block rewards and it will only be transactions fees that maintain the incentive to continue. Whether it was intended or not, fees will always continue to rise and that's actually a good thing.

solomonsatoshi

Can you imagine your life denied of access to Chinese manufactured goods? They were all paid for ultimately with Yuan. Most Chinese people see a bright future for themselves and perceive the west as in decline. Their history culture and values system are not well understood by most westerners. How many westerners even know about The Opium Wars? Central banks globally are more or less forced to hold USD if they want to have access to SWIFT international trade payments banking network. The people of most nations where fiat money is imposed are forced to use that currency.

solomonsatoshi

You dont understand China buddy. eg Evergrande- 'This means that foreign bondholders – including Top Shine Global, which brought the winding-up petition against the Evergrande – will be “hung out to dry”, says George Magnus, an economist and associate at Soas University of London.' [https://www.theguardian.com/business/2024/jan/30/evergrande-collapse-china-property-developer-liquidation-details-impact](https://www.theguardian.com/business/2024/jan/30/evergrande-collapse-china-property-developer-liquidation-details-impact) Post modern war is not WW2. You probably dont realise WW3 has commenced, via proxies Iran and Russia who sell China cheap oil and gas via Chinas independent alternative to SWIFT and who incur trillions expense upon the West. China has weaponised the economy and trade...and international payments....following the US example. It was the UK banks who via Hong Kong controlled Chinas economy as a result f the Opium Wars but you might not know that history. At least read P.Hesslers 'Country Driving'.

solomonsatoshi

Have read The Fiat Standard. Also follow Chinas economic and strategic progress and their development of CBDC and trade settlement alternatives to the US SWIFT monopoly. Anyone who has studied history and contemporary US politics can see the writing is n the wall and the petrodollar could collapse very soon and very swiftly - all it would take now would be anther large Oil Producer joining Russia and Iran in selling Oil for Yuan.

SpiralBlue2

It went sideways for a while. I swore it was being used to move money from outside Russia to inside. I don’t have enough horsepower to track all those ledgers though. It was built to bypass the SWIFT system for moving money between borders.

solomonsatoshi

China dominates global trade. China is a highly centralised political and economic system. Since Roman times and even before that the dominant trading nation would als enjoy moonetary hegemony- for obvious reasons- to trade with the strongest economy which controls the most wanted goods it is preferable to hold the dominant nations currency. China is clearly seeking to raise its monetary system dominance to match its current economic domination and in this area control over MoE is the crucial factor. Iran and Russia can only continue to trade because China provides them with MoE alternative to the SWIFT that the US has excluded them from. The US cannot sanction China because the US economy would collapse without China. The largest US corporates are dependent on Chinas productivity. How much trade is currently facilitated by BTC?

77tezer

Banks do not use paper money to settle trades with each other. Instead, they use electronic systems to transfer funds and settle transactions. These systems are managed by central banks and other financial institutions, and they enable the secure and efficient movement of money across accounts held by different banks. This digital approach allows banks to handle large volumes of transactions quickly and accurately, without the need for physical cash. Some of the key systems involved include: Real-Time Gross Settlement (RTGS) systems: These are typically operated by central banks and allow large-value and high-priority transfers to be processed in real-time, on a transaction-by-transaction basis. Automated Clearing House (ACH) systems: These are used for bulk, lower-value transactions and process payments on a net settlement basis, usually with end-of-day reconciliation. SWIFT network: This global network enables financial institutions to send and receive information about financial transactions in a secure, standardized, and reliable environment. These methods not only streamline the process but also ensure that the financial system remains stable and trustworthy.

thehiphippo

SWIFT is irrelevant and wants to be part of the RLN. They’re getting left behind along with Chainlink.

xdozex

Meanwhile, Chainlink is working with SWIFT, DTCC and tens of other major financial institutions to tokenize the global financial system. But boxing gloves are pretty cool.

coinfeeds-bot

tldr; Chainlink has launched a new blockchain bridge application named 'Transporter,' designed to enable safe transfers of crypto assets and data across multiple networks. Utilizing Chainlink's Cross-Chain Interoperability Protocol (CCIP) technology, which is also used by SWIFT for secure transactions, Transporter aims to provide a secure and cost-efficient method for high-value token transfers. Initially, it supports blockchains such as Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX. This development addresses the need for secure cross-chain transfers, a critical aspect as the digital asset economy grows and blockchain bridges become increasingly targeted by exploits. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

R4ID

> Why would a bank use xrp to do that? faster, cheaper, no counter party risk, more secure, more transparency into the transaction, geopolitically neutral asset, No Nostro vostro required meaning dormant capital can become working capital elsewhere... theres plenty of reasons > SWIFT already works perfectly for banks. slower, costs more, requires prefunding/nostro vostro, no transparency in the transaction, has counterparty risk... pretty much the opposite of everything I said above. >And if they really would need a blockchain why would they use another companies which they have no control over? Why would JPM use BoA chain? >Also if xrp actually rises in value it also means every Transaction becomes more expensive. Why would a bank want that? Fees can be adjusted on chain. currently 1 Penny pays for around 7500ish Transactions atm.

Inthewirelain

Well, XRP/Ripple had first moved advantage, and if you have a billion fragmented chains, you go back to pre-SWIFT-era tech. It's for inter financial institution payments.

Inthewirelain

Ripple Network is an alternative to SWIFT, XRP mostly is liquidity for reducing currency pairs problems (that's pretty over simplified and outdated now I think, they have contracts and stuff, but that's the core idea).

Mirved

Why would a bank use xrp to do that? SWIFT already works perfectly for banks. And if they really would need a blockchain why would they use another companies which they have no control over? Also of xrp actually rises in value it also means every Transaction becomes more expensive. Why would a bank want that?

newtimes7

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theprincessofwhales

That’s what I’m saying. They don’t need to know these intracacies. But there’s a lack of any knowledge base at all. The fact that we’re debating what pieces people know about tradfi here, as two btc literate people, demonstrates that. I mean bitcoin literacy in the sense of fluency. A general collective knowledge. People don’t know merchant acquisition, they don’t know how SWIFT works, but they learned the difference between cash and card, and most give a basic explanation. So even though few people fully understand our current monetary system, they can’t function in it. With bitcoin, the population at large neither understands nor is able to access its functionality. Imo, there’s a tipping point where enough people will understand that the right players will come along and mainstream it.

BriBumer

I used Solana for a while. I was hardly disappointed about the downtimes. Even I made good money with Solana I say its a bad Project. People have to know it. Otherwise Solfanboys would spread dumb shills about Sol. Thats they did already in 2020. And some of them again started to do it because of honesty realy good price performance. For me is ok if people make money with sol. I also did it. But its not OK to shill it and say its great just because the price went up but the tech is unuseable… For gambling SOL is great. But something like, hey it will replace Visa or SWIFT ist just dumb.. Also thinks like its very fast. Look how much volume. But dont say its congested or down all the way and moreover its just a pool for the biggest shitcoin/scamcoin party in the cryptoverse… This project ist just destroying the reputation of crypto…

solomonsatoshi

They wont and dont need to cooperate ... as China provides the only viable alternative t the USD SWIFT trade payments platform.

nited_By_Fear_O_Duck

Thanks for the insightful response. :) I was thinking as solving for time. I.e. If there's a small manufacturer (Company A) who is running lean in, say Taiwan. Company A relys on a a foreign business (Company B) to pay them in native currency, so they continue to pay for supplies / payroll / bills etc. Company B would usually have a bank account in Taiwan to pay in native Fiat. As the Fiat system takes exceptional time (~5-10 business days) when processing cross boarder transactions, a crypto asset could function as a go between for a faster transaction. You make a great point that crypto being volatile it makes it wildly annoying to hold on the books. So my thoughts would be something like USDC or similar stablecoin would be a faster transaction time that would be easier to account for. Follow up question: What could be the best "crypto rail" for a traditional payments processor, gateway or facilitator to add to its normal crossboarder Fiat processing rails? (I.e. FedNow / visa / master card / ACH / SWIFT, etc...)

cryptokid2140

Absolutely does not. Lightning is still scarce non-custodial bitcoin, it just doesn’t have 600 exahash securing it — it’s a reasonable trade-off to have lower security for cheaper transactions on small amounts of money. Again, all money scales in layers, this is no different. It would be like sending a payment on the SWIFT network at chipotle, completely nonsensical. Also bitcoin is not crypto.

No-Health46

There are many YouTube channels like simply bitcoin and swan bitcoin who explains characteristics/ philosophy of bitcoin well. The bitcoin standard is one awesome book, highly highly recommended: many aspects were combined with historical and philosophical components to understand bitcoin. For deeper knowledge, you have to seek out other resources.. Why spending electricity is actually beneficial for bitcoin and our infrastructure: Apocalypse never Geopolitical significance of bitcoin: I used to major in history / international relations so I had some background knowledge. But what I can briefly tell you is that the era of global cooperation and harmonization is over. Now we are going into this era of “every country for themselves.” America does not want to be the global police anymore spending trillions.. Trumpism. In this kind of situations, countries will look for a neutral method of payment. US dollar certainly is not that. That’s why they are buying up gold. That’s why Putin literally mentioned about using bitcoin when they were cut off from SWIFT global banking system after Ukraine invasion. Turbulent times ahead for sure. But we will feel safe with Bitcoin:)

ABahRunt

Can't become a world currency because we are a people who can't agree on anything. You really think an internet coin is the thing we suddenly gain consensus on? I see it having value as a money transfer medium. Cheap, instantaneous transfer, superior in almost every way to SWIFT. Store of value, sure, currency, highly unlikely

solomonsatoshi

China, the worlds largest trading economy already has its CBDC and is already providing a number of trading partners with an alternative to the USD SWIFT international payments network.

Odysseus_Lannister

I believe there’s an option to use SWIFT as well, no?

solomonsatoshi

If you do not hold and use USD for international trade settlements you are probably excluded from the international SWIFT based banking network. USA thus enjoys global monetary hegemony and the huge seigniorage that delivers. The EU, UK, Japan, Canada and Australasia are all monetarily and militarily subservient tribute states to the US monetary- military empire and will comply with any ban sufficient to cripple the trading liquidity of private custody Bitcoin. Note these jurisdictions are allowing Bitcoin custody to accumulate in order to increase the effect of any subsequent ban. Market capture and control- classic cartel strategy. I suggest opening your eyes to the centuries old Fiat Debt Slavery Bankers Cartel and their ownership of your government.

fluid-fi

Hi! Anybody can off-ramp, it's just the money out rails are dependent on where you are based. If you are not EU or UK based then the only bank transfers out of your fluid account would be SWIFT. When we release our mastercard Wild Card, as long as you've provided proof of address and own a FLUID token you can get a physical fluid mastercard. So you won't need to transfer money out!

Wendals87

nobody reads the articles here! * its not binance blocking it, but a banking partner * it's 100k USD minimum via SWIFT - all other payment methods aren't affected * Binance is looking for other partners

I_Will_Made_It

This limit is only for **SWIFT** transfer, SEPA (EU) work with any amount.

RattyDAVE

Copy of the email from [Crypto.com](https://Crypto.com) ​ Dear Valued Customer, Following our email from 24 January 2023, please be reminded that you cannot deposit EUR into your Crypto.‌com EUR Fiat Wallet (“EUR Fiat Wallet”) from your bank account at this time. Deposits made to the EUR Fiat Wallet using your old bank details will fail. We will notify you once you are able to do so, and thank you for your patience. In the meantime, you have the option to: * Use your Crypto.‌com Visa Card to withdraw EUR. Once topped up, the Crypto‌.com Visa Card can be used anywhere Visa is accepted and to withdraw\* EUR at ATMs bearing the Visa logo. This also applies to your virtual card\*\*, which is available directly in the App. * Buy/sell crypto using EUR and deposit/withdraw crypto * Send USD from your bank account via SWIFT and receive the funds in USDC (Guide) * Withdraw USDC to your bank account via SWIFT and receive the funds in USD (Guide) We sincerely apologise for any inconvenience caused. If you have questions, please reach out to us via the in-app chat or at contact@crypto.‌com. We’re here to help. Best regards, The Crypto.‌com Team

pentarh

It's a some kind of contest dude because nothing special in fleeing with $2000 worth of Bitcoin through customs. You don't need to use Bitcoin for this as customs pass people through with cash up to $10000. You better try to flee from there with one million $. SWIFT ain't working, all outgoing wires are blocked and customs won't pass you with more then $10k in cash. So yes, fleeing with $2k Bitcoin ain't show any magic, while $1M does.

zloiadun

The mass adoption will never happen. After all these years Ripple is the only successful real world use of blockchain and crypto. Some niche usage in enterprise systems is still possible. The "put blockchain everywhere" trend started around 2016, got bigger in 2018, enterprises everywhere started "experimenting" with blockchain. Nothing is live and in production systems. SWIFT declared that by 2025 it will move to blockchain (they use DLT term instead). Ended up implemented one prof of concept where two banks settled transactions on the private blockchain. Australian Stock Exchange invested in moving their platform to blockchain. Summer 2022 project cancelled, more than 200M AUD wasted. Project turned out to be too complex and complicated, onboarding for participants is a nightmare. Supply chain solutions were amongst the top use cases for blockchain. This November Maersk and IBM discontinued their blockchain platform.

Broken_Leaded

I speculate the States’ form of ‘containing it’ means traditional finance co-opting it for their OWN use and boxing out the small guy, SWIFT is just the start. Can’t have too many plebs leaving the rat race now.

lj26ft

Russia and Iran just connected all their banks. This is their middle-finger to SWIFT 52 Iranian banks under SEPAM and 106 Russian banks under SPFS can now talk to each other Weaponizing SWIFT and the US Dollar is speeding up the birth of a new system where sanctions don’t work. The Israeli bombings in Iran last few days giving off ww3 vibes

Illini005

They didn't lose SWIFT access.

RagingD3m0n

Operating normally = Losing SWIFT access. Sure bud...

SatStandard

Bitcoin is not competing with Visa but Lightning is. SWIFT 150 trillion dollars. Fedwire 800 trillion. Bitcoin is competing with these. Bitcoin has a similar volume of transfers as Fedwire.

ExactLobster1462

Just wondering, can you name one popular bank (national) that doesn't have instant transfers and one popular bank (international) that doesn't use SWIFT (i.e. payments are instant but can take a maximum of 2 hours)?

cancunerian

Kid, I know you are young Look , we all want BTC to be succesful but the only application is maybe to work as SWIFT competitor to transfer money. >But anyway, the fact that you think a country even can 'out mine' and destroy the value of a other country's bitcoin It could easily censor transaction from any other country beside their own so the most mining power will be king. Don't you know that? I'm sorry but the one who rule is not by having the best 'money' but the strongest army and nuke. USD banking system is bad but somehow all international transaction need to be done in USD

Impressive_Quote9696

Im staying out of the crypto market, because binance printed BUSD out of thin air to artifically pump BTC... Exchanging BTC with Coinbase and Binance to keep BTC at 24k is suspicious as well... [Crypto.com](https://Crypto.com) and Binance halting SEPA /SWIFT Transfers... I dont know my gut tells me to stay out and view until the dust settles. And btw as long Tether exists im out anyways, fuck stable coins prints out of nowhere

Ecstatic_Cook_3634

I think Binance just restrained their platform from receiving SWIFT transactions that were lower than 100k. https://es.cointelegraph.com/news/binance-s-swift-banking-partner-set-to-ban-usd-transfers-below-100k

Feisty_Factor_2694

Without access to the SWIFT system, a lot of Russian money moves unseen through the exchanges. So, you kind of have Russia to thank.

ok46reddit

Just use your SWIFT account to buy $100,000 tranches of Bitcoin on Binance.

user_name_checks_out

[The major crypto fiat banking partners appear to be closing the doors this weekend. Butters caught up in euphoria from the recent pump have no idea what’s coming.](https://old.reddit.com/r/Buttcoin/comments/10is8wx/the_major_crypto_fiat_banking_partners_appear_to/) Wonder what that's about. > There seems to be a major event unfolding involving crypto banking partners this weekend. Still many unconfirmed reports so too soon to jump to final conclusions > Signature Bank, who processes fiat transactions for every major exhange, has cut off SWIFT transfers for all retail customers (under $100k) at least for Binance. TBD if others are affected (we will likely find out tomorrow) > Additionally, multiple exchanges appear to be halting any SEPA transfers. SEPA is the protocol for inter bank transfers of euros within the EU.

masedogg98

Oh I see now I was a little confused I was like do they mean SWIFT? haha I’m the worst when I try to read these articles before bed I appreciate the clarification thank you!

nops-90

Most exchanges don't even have direct connection to SWIFT lol. They almost always use intermediatery banks, who already have the connection.

cipig

It's their SWIFT banking partner, Signature Bank. That bank is broke and try to reduce withdraws, so they don't have to file for bankruptcy. Binance will simply replace that bank and resume SWIFT withdraws for < 100k, it's just a question of time.

Wendals87

This only affects SWIFT transfers in USD. Other currencies or other deposit methods are not affected Binance is looking for other providers

Wendals87

it's only SWIFT transfers You can use regular bank transfers, debit /credit card etc.

Wendals87

crypto is made to allow SWIFT transfers of less than 100k?

Wendals87

very misleading title. Their banking partner is just stopping transfers to binance via SWIFT of less than 100k USD. Barely related to crypto and there are plenty of other transfer methods you can use that aren't swift

NotAdoctor_but

> A SWIFT-style system for bank-issued and regulated digital currencies was **launched by a firm involved in building China’s national blockchain project.** Yep. The first line told me everything I needed to know.

coinfeeds-bot

tldr; A Hong Kong-based blockchain company has launched a digital payments system aimed at bridging the gap between stablecoins and Central Bank Digital Currencies (CBDCs). Red Date Technology launched the Universal Digital Payment Network (UDPN) on Jan. 19 during the World Economic Forum (WEF) 2023 meeting in Davos, Switzerland. According to its whitepaper, the platform would serve a similar purpose to what the SWIFT network does for banks. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

CreepToeCurrentSea

Every other stablecoin will always claim to be the "SWIFT" of stablecoins, get in line.

kirtash93

Only SWIFT USD, don't panic.

Negative-Structure51

SWIFT can lick my butthole! And you know what Binance too!

Diya780

SWITF is such a poor network compared to SWIFT. It's like a dyslexic cousin.

coinfeeds-bot

tldr; Crypto exchange Binance told users that they would be unable to buy or sell cryptocurrencies less than $100,000 via SWIFT from February 1. Binance blamed the new decision on an unnamed banking partner. Traditional financial institutions like Silvergate Capital and Signature Bank are working to cut their crypto exposures. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

CityofGrond

In last 48 hours: Binance cut off retail from SWIFT fiat transfers Signature Bank cutting off retail exchange fiat transactions Crypto Dot Com suddenly lost its payment processor, so can no longer process Euro fiat transfers Nexo also just cut off from Euro retail fiat transfers They pumped it before the big storm like always. Buckle up, fireworks are about to start

coinfeeds-bot

tldr; Binance has confirmed that it has been cut off from SWIFT for transactions of less than $100,000. Binance's access to SWIFT remains intact, but it will only handle crypto transactions of $100k or more, precluding the vast majority of retail clients. Bitcoin has registered a muted reaction to this development, retreating from a recent high of $23,362. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

CityofGrond

Binance, Nexo, KuCoin exchanges have just halted all SEPA fiat transfers for EUR transfers. At least Binance has also been stopped from SWIFT Signature Bank and major banking partners have pulled out of crypto. If you have any fiat sitting on exchanges, get it out while you can.

igadjeed

> Binance customers won't be able to withdraw money below 100k Liar It only applies to the small group who use SWIFT with Binance. Most Binance customers use other transfer methods, which are not encumbered with massive SWIFT transaction fees

coinsRus-2021

>> Nonetheless, Binance soon clarified that going forward, Signature bank would only handle crypto transactions of $100,000 or more, precluding the vast majority of retail clients. Nonetheless, Binance's access to the SWIFT network remains intact:

AncientProduce

>The banking partner that services your account has advised that they are no longer able to process SWIFT fiat (USD) transactions Most of r/cc "why are binance doing this?" >Binance stops supporting SWIFT USD no they haven't >Our team is actively seeking a new SWIFT (USD) partner to avoid any interruption of service they're looking for an alternative because of >The banking partner that services your account has advised that they are no longer able to process SWIFT fiat (USD) transactions for individuals of less than 100,000 USD as of February 1st, 2023.

coinfeeds-bot

tldr; Crypto exchange Binance told users that they would be unable to buy or sell cryptocurrencies less than $100,000 via SWIFT from February 1. Binance blamed the new decision on an unnamed banking partner. Traditional financial institutions like Silvergate Capital and Signature Bank are working to cut their crypto exposures. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

PhatPhire15MM

You clearly don’t know what SWIFT is then

thinkingperson

Why all these FUDs? It is the bank that is refusing to process crypto transactions below $100K via SWIFT while Binance is actively trying to find other banks that will support transactions via SWIFT without such a limitation.

Successful-Driver722

I think you should be adding the SWIFT and Signature Bank development to your list. Question is...is it bullish or bearish? Oh yeah, let's not forget about DCG. Genesis is probably a slow fuse and DCG is the detonator.

Downtown-Ad-4117

Signature Bank imposed the $100k cap, not SWIFT. The exchanges have other banking partners.

Savi321

Odd that at the time banks are trying to play in the crypto market, SWIFT is backing off. Their loss.

Dry_Log_4696

Clickbait !! SWIFT didn't cut access. A bank named 'Signature' has stopped processing SWIFT transactions for crypto exchanges of less than $100k. They have done it to reduce their crypto exposure. You can still use other banks for SWIFT transactions of less than $100k.

Shiratori-3

There was a story earlier about Binance advising that their [payments partner?] had stopped servicing and that SWiFT wouldn't be available for under 100K. They also said they were sourcing another partner. Didn't seem to be that big of a deal. [Some of my terminology may be wrong, but that was the gist of it. Search in the sub for SWIFT and you'll find them easily enough.]

3utt5lut

Deposit Bitcoin, buy assets, withdraw assets (pay the paltry fees). Best way to use any CEX, no KYC. I don't trust Binance, even the slightest, but if SWIFT can halt fiat investment (oh, but not for the exceedingly wealthy, they're good /s), this isn't good news for us poors. If the world economic system wants to play hardball, just use Bitcoin. This could happen to any international exchange that requires KYC for deposits, if they are out of line with governments. Thankfully, practically every exchange allows deposits/withdraws of funds as long as they aren't wire transfered to/from your bank. Just use a mediator to buy Bitcoin locally, even if you have to provide KYC to buy it, then do as you wish.

coinfeeds-bot

tldr; SWIFT will no longer process fiat currency transfers from bank accounts to cryptocurrency exchanges, with a value of less than US$100,000, effective from February 1, 2023. The move will thwart cryptocurrency access to tens of millions of people worldwide. One theory is that it could be a primer to ECB’s Central Bank Digital Currency testing which is set to begin this year. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Hawke64

SWIFT: "Bite the pillow, retoids. I'm going in dry"

thinkingperson

TLDR; Binance is **NOT** stopping support of SWIFT USD. **It is the bank that is raising the lower limit to 100k USD** for SWIFT transactions and Binance is informing users of this fact while trying their best to find a new bank that has a lower limit.

BlackyWolf

Yeah… does not bode well. A lot of people don’t realize how many large banks are a part of SWIFT and many smaller banks have been bought up over the past few years, especially community banks.

Mr_Bob_Ferguson

I don’t believe that this has much impact on most here, as relatively sure my payments to/from my exchange are utilizing SWIFT.

coinfeeds-bot

tldr; Binance has informed its retail customers of a potential incoming service disruption that may halt on and off-ramp bank payment transfers. The service disruption will impact users of US 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. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

WallStLoser

I think this affects you then. Binance is offshore, so any transfer between them and your bank requires SWIFT between the banks.

zoomercoomer9000

The article says this limit is only being enforced by Signature Bank. This is the same bank that received an $11.3 billion bailout from the government a few months back. They are looking to wind down their exposure to cryptocurrencies. >“One 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 many not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.”

the_spiritual_eye

Misleading title. This is only for SWIFT bank transfers through Signature Bank. This is so far only affecting one bank on-ramp and there are other ways banks can on-ramp directly into crypto exchanges.

Grilledcheesus96

Then how does this change affect poor people? Poor people weren’t using SWIFT to transfer funds, so it’s a complete non sequitur to imply it’s “for their own good because they are bad with money.” It has nothing to do with poor people and will have 0 impact on their daily lives.

CardanoCrusader

Binance updated the post to insist it was only Signature Bank customers, but there is speculation that SWIFT wants to clear the way for central bank digital currencies. This is certainly one way to make that happen.

WheresTheButterAt

The whole SWIFT network would be a way bigger deal. Thanks for clarifying. The something something is always in the comments!

coinfeeds-bot

tldr; Binance has informed its retail customers of a potential incoming service disruption that may halt on and off-ramp bank payment transfers. The service disruption will impact users of US 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. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

MasterHaro

Would you change the title, please? It is very misleading! It's not Binance limiting SWIFT transactions, SWIFT itself is limiting them, so stop spreading FUD against Binance!

WallStLoser

Blocking SWIFT was one of the controversial Russian sanctions. Controversial because it's such a big deal for moving money legitimately. This is not small, unfortunately most won't realize it until it smacks them in the face.

Frangiblepani

Ripple is angling to do what SWIFT does, as well as interface with digital fiat. Maybe one day you'll be able to transfer from your bank account (if you choose to have one) and CEXs and DEXs through the XRPL.

uncapchad

hmm, I think war has just been declared? Scroll down to **What’s behind the SWIFT crypto decision?** *Why SWIFT has moved to unleash would could potential become a ‘cryptocurrency nuclear option’ for millions who don’t have the US$100,000 minimum, currently remains a mystery.* *One theory, however, is that it could be a primer to the ECB’s Central Bank Digital Currency testing which is set to begin this year, with a full rollout mooted by 2026.*

Castr0-

That will have an impact. I believe. SWIFT is used a lot. Hope that is not a shoot on their own feets

DPSK7878

I think SWIFT feels threatened. As such, they are killing off cryptos bros.

FluffayPenguin

Do any of you actually use SWIFT? I only use ACH deposit/withdraw if I need to access my banks. And there's always the option for credit/debit deposits.

ok46reddit

Here's the caveat: >SWIFT will no longer process fiat currency transfers from bank accounts to cryptocurrency exchanges, **with a value of less than US$100,000**

ok46reddit

They are not going away. >SWIFT will no longer process fiat currency transfers from bank accounts to cryptocurrency exchanges, **with a value of less than US$100,000**

ok46reddit

>SWIFT will no longer process fiat currency transfers from bank accounts to cryptocurrency exchanges, with a value of less than US$100,000 For me, but not for thee.