Signature Bank, Binance’s Fiat Partner, Sets a Minimum Transaction Limit
- 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.