“The move will thwart cryptocurrency access to tens of millions of people worldwide.”

The guys who promote fake news deserve their own special circle in hell where they are gaslit for eternity.

Crush the competition.

Crush the criminals.

Crypto is not a competitor to banks.

Crypto as a competitor to SWIFT is kind of interesting though. SWIFT is basically a fast international transfer. Crypto is actually pretty great for that because you can do a fast transfer against domestic crypt/fiat pairs and after the int'l crypto transfer dump back into fiat so the currency risk is relatively low. Using SWIFT / int'l fiat transfer to buy crypto makes no sense.

In short cutting off SWIFT from crypto exchanges is a nothing burger because domestic crypto/fiat pairs are available and int'l transfer of crypto bypasses SWIFT.

Or you can do that all in a database without the wasted energy.

I know it varies by crypto, but last I checked BTC couldn't handle 2% of the transactions Swift handles.

It's "competition" only in the same way that New Shepard is competition for the Falcon 9 and Crew Dragon.

* crypto includes more than btc * btc has the lightning network for higher volume of transactions

The first I explicitly acknowledged by saying it varies by crypto. Both are irrelevant.

SWIFT is (a) not the only inter-bank system, and (b) is specifically for inter-bank exchanges (the "I" is for Interbank), so when a transaction is between two accounts in the same bank it doesn't need to touch SWIFT.

What became of the push to disconnect Russia from Swift? Are they still online? If so, why?

They dont want to disconnect Russia completely. I can't find data for all 2022, but between February and August EU countries paid to Russia around $100 billions for energy resources only: gas, oil, etc. Here is the data till November so it's far more than just $100B:

https://www.bruegel.org/dataset/russian-foreign-trade-tracke...

It's still more money than US and EU countries spent combined on help to Ukraine:

https://www.ifw-kiel.de/topics/war-against-ukraine/ukraine-s...

It never mattered.

https://alhambrapartners.com/2022/02/28/swift-isnt-the-nucle...

Because there are still commercial exchanges between the West and Russia.

Is there another source for this?

The website posted also has an article about UFOs in Ukraine: https://www.asiamarkets.com/russia-shoots-ufo/

Edit: Searching around, I cannot find another source, so take this news with a grain of salt.

Second edit: There are a bunch of screen shots on Twitter saying that Binance's specific payments processor has stopped SWIFT payments for less than 100k USD, but other normal currencies are fine. Seems to me to be far more nuanced than the OP link suggests, especially as the article cuts the Binance email short.

In fairness, and to my surprise, they are using "UFO" in a totally correct manner for that headline:

> However, military experts say it’s likely the unidentified object was either an advanced military drone or a hypersonic missile.

Fair, thanks for pointing that out.

Having looked around for other info on Binance being cut from SWIFT, both articles on that website seem to me to be "technically true, but written to be misleading".

Binance reportedly sent emails to their customers saying they've been cut off from SWIFT.

Source?

Yes, but since Binance routinely lies about things, that doesn't mean much.

What does Binance routinely lie about?

Its assets. They claim to own so much commercial paper that they would be one of the top owners of the class, yet no one who sells paper for a living has heard of them.

The kinds of audits it has had.

The amount of regular money it has in the banks.

And even lying so badly that basic fourth-grade math says that month-to-month reports from binance cannot be truth.[1]

[1] https://www.kalzumeus.com/2022/11/11/tether-required-recapit...

Binance doesn’t have anything to do with Tether, you’re probably mixing them up with Bitfinex, another crypto exchange.

>https://www.kalzumeus.com/2022/11/11/tether-required-recapit...

At no point does this blog post mention Binance, it discusses an entirely different cryptocurrency exchange.

Bucket of salt.

Good.

The sooner crypto and these exchanges are cut off entirely the better.

Nowadays, I don't see crypto used for payments at all anyway so it makes total sense.

If nobody used it, why would they need to cut it off? that doesn't make total sense.

> If nobody used it, why would they need to cut it off?

Low usage? Crypto's failure to be used as payments? Don't companies like Google and the like do this all the time when a technology fails to live up to expectations?

I see SWIFT cutting crypto off as a great thing.

Exactly. It costs money to support things.

News source has no reputation.

Article title is misleading.

Did you just wake up today and decide… “let’s help monger some fear?”

They are leaving it enabled for the wealthy ($100k+). They are blocking commoners. They want to block payments to protect fiat currencies.

Crypto is not a threat to fiat currencies.

why would they do this?

Interesting that it only effects transactions under 100K. I guess they do not want to upset you if you can move amounts larger than that around.