Exclusive: SWIFT payment network to cut off access to crypto exchanges

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The SWIFT payment network has made an extraordinary decision that will have far-reaching implications for cryptocurrencies.

Asia Markets may reveal that SWIFT will no longer process fiat currency transfers from bank accounts to cryptocurrency exchanges, valued at less than USD 100,000, effective February 1, 2023.

This decision will prevent access to cryptocurrency for tens of millions of people around the world.

One of the first crypto giants to update users on the development over the weekend was the world’s largest exchange, Binance.

“The banking partner that manages your account has indicated that they are no longer able to process SWIFT fiat (USD) transactions for individuals under 100,000 USD as of February 1, 2023. This is the case for all of their crypto exchange clients,” Binance says.

“Please note 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 below USD 100,000. “

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A message received by a Binance user on Saturday, January 21. What’s behind SWIFT’s crypto decision?

Although SWIFT (acronym for Society for Worldwide Interbank Financial Telecommunication) is the world’s most critical financial network – facilitating billions of dollars in international settlements daily – it is a somewhat secretive cooperative based in Belgium.

SWIFT made headlines after the outbreak of war in Ukraine last year, when the United States and its allies cut Russia off the network.

Such was the importance of cutting Russia off from the world’s most important financial network, the French finance minister called the decision a “financial nuclear option”.

Why SWIFT decided to go wild could potentially become a “cryptocurrency nuclear option” for millions of people who don’t have the $100,000 minimum, currently remains a mystery.

One theory, however, is that it could be a primer for the ECB Central Bank’s digital currency tests, which are due to start this year, with a full rollout expected by 2026.

In a recent Capitalist Exploits Insider newsletter from hedge fund veteran Chris MacIntosh, a summary of the ECB’s proposed restrictions on digital currency movements was provided.

We note that the ideas in the screenshot below are only proposals from the ECB and its members. None have been formalized.

A screenshot of a letter to subscribers by Chris MacIntosh.

“I would say fuck the odds that they manage to implement this worldwide. The world is rapidly bifurcating as we promised, and with that split comes competition. We are in a war where it is fought on all fronts, one of them being finance,” MacIntosh said in the note to subscribers.

“The thing is, we have a world that is working towards more decentralization (people moving out of cities, for example), secessionist movements on a global scale, not to mention blockchain technology and various other decentralized networks. This is all unfolding as the man from Davos attempts to circle us in “smart cities”, digital currencies, and more.

You can read more from Chris MacIntosh on this topic in the Capitalist Exploits Insider newsletter here.

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