Binance has notified its retail customer base of a possible upcoming service outage that could halt bank payment transfers and shutdowns.
The service disruption will affect users of bank accounts held in US Dollars who want to buy or sell cryptocurrencies for less than $100,000 through the SWIFT payment system. The disruption will take effect on February 1.
Binance announced the news to “Binancians” via email on January 21, confirming that they are currently “actively seeking” new SWIFT (USD) partners to avoid service disruptions for bank payment transfers in the future.
The cryptocurrency exchange added that this is the decision of its banking partners and that Binance is not the only trading platform affected by the change:
“This is the case for all crypto exchange clients. Please note that until we can find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT for less than $100,000 USD after February 1, 2023.
But Binance confirmed that customers can still use their credit or debit cards to buy or sell cryptocurrencies, and that payments to or from third-party exchanges will still be processed.
The cryptocurrency exchange added that SWIFT-based transfers will continue to operate for non-USD bank transfers, such as Euros.
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Binance confirmed the change will not affect “Company Accounts.”
While the outage of the payment service was not Binance’s decision, the trading platform has suspended transfers in recent days.
Binance recently implemented a temporary suspension of Solana-based USDT and USDC deposits on November 17th.
When the exchange is also temporarily suspended Ether (ETH) and wrapped-Ether (wETH) deposits and withdrawals for about 10 days ahead of Ethereum Join.