**SWIFT payments network access cut to crypto exchanges**
We are once again entering the *then they fight you* phase.
*“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.*
[Source](https://www.asiamarkets.com/swift-network-cuts-access-to-cryptocurrency/)
If that wasn't in the Terms and Conditions when the bank accounts were opened, then that is a valid case of a Class Action lawsuit against the banks.
""Why banks involved in preventing SWIFT transfers have moved to unleash would could potential become a ‘cryptocurrency nuclear option’ for millions who don’t have the US$100,000 minimum, currently remains a mystery.""
.. a mistery .. LOL
I think this is only the specific bank they use, not SWIFT in general
Correct. This appears to be just one bank, Signature Bank, and not all all of SWIFT. The article was updated with a statement from Binance at the bottom.
Atm we don’t need the bank anymore for #bitcoin ppl
a bank makes it incredibly easy to buy bitcoin though. it's a nice on-ramp to have.
What do you think about a P2P exchange using nostr? https://mostro.network
I currently do. But would love to know how not to need them
p2p
Right. A few sats OK. But what about 1/2 or wholecoin?
I know it’s very convenient to buy directly from bank. But so many places in the world we just can’t do that. So I think p2p still great for the plebs.
I might not have the right friends. 😀
Justin, you run a node, right? Guess it’s time for a noderunners Nostr peer to peer international trading network 😉
Have you tried https://lnp2pbot.com
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