Binance recently announced that its fiat partner, Signature Bank, has implemented a minimum transaction limit for all transactions.
Users will now be required to make a minimum transaction of $10,0000 in order to buy or sell cryptocurrencies on the Binance platform.
This move by Signature Bank is likely an effort to comply with regulatory requirements and to prevent money laundering.
Cryptocurrency exchanges have been under scrutiny from regulators in recent years, and many have implemented measures to prevent illegal activities such as money laundering and terrorism financing.
In December 2022, Signature Bank, located in New York, stated its plans to reduce approximately $10 billion in deposits from clients involved in digital assets.
Binance has said Signature Bank will only handle user transactions of more than $100,000 as the bank decreases its exposure to digital-asset markets, per Bloomberg.
