SWIFT Network Cancels Crypto - Moving Money to Russia Just Got Harder
Binance.com will no longer process SWIFT bank transfers smaller than $100k, thanks to new banking practices in the west
The SWIFT international payments network has made an extraordinary decision that will have widespread implications on cryptocurrencies.
The move will thwart cryptocurrency access to tens of millions of people worldwide.
One of the first crypto giants to notify users of the development this weekend, has been the world’s largest exchange, Binance.
“The banking partner that services your account has advised that they are no longer able to process SWIFT fiat (USD) transaction for individuals of less than $100,000 USD as of February 1, 2023. This is the case for all their crypto exchange clients,” said Binance.
“Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy and sell crypto with USD via SWIFT with a value of less than $100,000 USD.”
Source: AsiaMarkets.com
Father Joseph,
I am an eighteen-year-old home-schooler from wettest England (pun intended). I have been subscribed to your ‘Moving to Russia’ newsletter for about a month, but I have been thinking of moving to Russia for about a year. I was wondering if I (and my parents) might be able to put forward some queries by email or something of the sort, if that is alright, since I do not really know how to go about moving over there, working over there or even studying over there, since it is such a big jump.
(I was not sure where to put this comment, so I decided just to place it on your latest post.)
Thanks for the great work with your posts!
Nathanael
The West is trying everything to cut Russia off. So sorry. Hopefully they will find alternatives. I guess USD is not accepted in Russia due to West. Nina