Binance says banking partner will stop processing SWIFT transfers under $100K

Re:Binance says banking partner will stop processing SWIFT t... by int_19h on Saturday January 21, 2023 @11:09PM (#34474171)

The reason why they can enforce the regulations on USD is because you're either bringing physical cash across the border - which can then be intercepted by the customs - or you're doing a wire transfer to some local bank, which said bank will then duly report to the government.

They can certainly pass equivalent regulations on BTC. Good luck enforcing them, though.

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Re:Binance says banking partner will stop processing SWIFT t... by lern_too_spel on Sunday January 22, 2023 @08:49AM (#34477345)

You enforce exactly the same way — at conversion to local currency. If you hold US currency abroad, there is nothing Argentina can do about it.

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Re:Binance says banking partner will stop processing SWIFT t... by int_19h on Sunday January 22, 2023 @04:43PM (#34482544)

Conversion to local currency happens on the black markets. And BTC so exchanged just flows back out of the country.

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Re:Binance says banking partner will stop processing SWIFT t... by lern_too_spel on Monday January 23, 2023 @06:10PM (#34496430)

Same with USD held abroad.

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Re:Binance says banking partner will stop processing SWIFT t... by int_19h on Wednesday January 25, 2023 @01:55PM (#34522572)

How do you get USD held abroad into the country, short of physically smuggling cash past the customs with all the danger that entails? A bank wire or something like Western Union is within the regulatory framework and will get you reported.

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