Swift payments network to cut access to crypto exchanges • Hacker News Board

Re: Swift payments network to cut access to crypto exchanges

#11

Post by nibbleshifter » Sat, Jan 21, 2023, 11:05 PM UTC

albntomat0 wrote: post #8

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 currenc…

Bucket of salt.

Re: Swift payments network to cut access to crypto exchanges

#12

Post by ben_w » Sat, Jan 21, 2023, 11:13 PM UTC

albntomat0 wrote: post #8

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 currenc…

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.

Re: Swift payments network to cut access to crypto exchanges

#13

Post by SXX » Sat, Jan 21, 2023, 11:20 PM UTC

CamperBob2 wrote: post #4

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...

Re: Swift payments network to cut access to crypto exchanges

#14

Post by raydiatian » Sat, Jan 21, 2023, 11:20 PM UTC

News source has no reputation.

Article title is misleading.

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

Re: Swift payments network to cut access to crypto exchanges

#15

Post by hestefisk » Sat, Jan 21, 2023, 11:22 PM UTC

wmf wrote: post #10

albntomat0 wrote: post #8

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 currenc…

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

Source?

Re: Swift payments network to cut access to crypto exchanges

#16

Post by martin8412 » Sat, Jan 21, 2023, 11:22 PM UTC

argella wrote: post #3

Crush the competition.

Crypto is not a competitor to banks.

Re: Swift payments network to cut access to crypto exchanges

#17

Post by ben_w » Sat, Jan 21, 2023, 11:22 PM UTC

argella wrote: post #3

Crush the competition.

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.

Re: Swift payments network to cut access to crypto exchanges

#18

Post by raydiatian » Sat, Jan 21, 2023, 11:23 PM UTC

arizonaforce wrote: post #2

“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.

Re: Swift payments network to cut access to crypto exchanges

#19

Post by albntomat0 » Sat, Jan 21, 2023, 11:24 PM UTC

ben_w wrote: post #12

albntomat0 wrote: post #8

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 currenc…

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".

Re: Swift payments network to cut access to crypto exchanges

#20

Post by notch656c » Sat, Jan 21, 2023, 11:44 PM UTC

martin8412 wrote: post #16

argella wrote: post #3

Crush the competition.

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.