10 minutes
ShareIf you make international bank transfers, you may have used SWIFT. This is the communications network that facilitates inter-bank wire transfers. For crypto traders, it can be a convenient way to move fiat into and out of crypto exchanges.
Last week, Binance announced they would no longer be able to accept SWIFT transfers in USD for many countries.
In addition, as of February 1, 2023, Binance's banking partner, Signature Bank, will only process SWIFT transfers in excess of $100,000. As reported on Bloomberg, Signature Bank is decreasing its exposure to digital asset markets.
Binance also noted, "This is the case for all of their crypto exchange clients. As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.”
Does this affect Cryptal?
In short, no. All our SWIFT and USD processing continues as before for both deposits and withdrawals, with no maximum or minimum limits. In fact, on Cryptal your USD SWIFT transactions are still free, and our rates for Euro and GEL SWIFT withdrawals are the lowest around:
- $ → 0%
- ₾ → 0.5%
- € → 1%
And all SWIFT deposits are also free! See our complete fee schedule for current rates and limits.
How to withdraw funds using SWIFT
- Log into Cryptal and click "Wallet"
- Select your currency and chose Withdrawal
- Click SWIFT and fill in your banking information
- Enter the amount you wish to transfer
- Click Withdrawal to send the funds to your bank
