Crypto exchanges use the SWIFT network to facilitate deposit & withdrawal requests in fiat currency. It's scary how many replies don't know about SWIFT and how big of a deal this announcement is. Basically crypto exchanges are cutoff from the banking system on Feb 1st.

@ParrotCapital It's not SWIFT, it's Signature Bank. SWIFT has made no announcement and crypto exchanges will not be cut off from the banking system. Those that bank with Signature Bank will have to find another bank, that's all. Please delete your tweets as they are seriously misleading.

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I’d be careful with that interpretation…

1. Still can use SWIFT with other currencies such as EUR/GBP 2. Only affects international transfers of USD,many use of other means such as SEPA in Europe

It’s not swift. It’s a bank partner that uses swift that works with Binance. Now Binance has to find another banking partner that’s uses swift.

Tweets like this illustrate a few things: — lack of research — dishonesty in content — ulterior motives And in general, this questions the accuracy of all of your other content. Your followers must know better and it has got to damage your reputation.

Coinbase also utilizes Signature Bank..and Silvergate for their SWIFT connections

Not true though, Binance doesn't use SWIFT to pay out withdrawals in the UK for example. they use FPS and SEPA

It's not swift. Only a certain bank.

Same day announcement as Universal Digital Payments Network launched at Davos. JPMorgan trying to close the door again.