On March 4, 2023, the cryptocurrency exchange Bybit announced that it has stopped US dollar deposits via bank transfer. Bybit cited “outages” from its partner as the reason for the suspension of US dollar deposits via wire transfers and the SWIFT network.
Bybit suspends USD deposits, wire withdrawals open until March 10
The Bybit cryptocurrency exchange founded in 2018. announced on Saturday that it is suspending deposits in US dollars. “Bybit has suspended USD deposits via bank transfer due to a service outage by our partner,” the company said. “Effective immediately, US dollar deposits via wire transfer (SWIFT) and wire transfer (to a US bank) are no longer available.”
Bybit noted that customers can continue to make deposits in USD through the Advcash wallet or by credit card. Bybit customers will still be able to make withdrawals via wire transfers via SWIFT and US banks until March 10, 2023. “If you wish to withdraw USD on short notice, please do so as soon as possible to avoid potential disruptions, which may arise due to prevailing circumstances,” the cryptocurrency exchange announced.
The Dubai-based cryptocurrency exchange said it will launch an Advcash wallet withdrawal service to speed up the user experience. “Please rest assured that the USD assets you hold in Bybit are safe and secure,” Bybit said. “Our platform is subject to strict security measures to ensure the safety of all user funds.” Bybit is not disclosing the identity of the partner experiencing outages.
Bybit news follows a similar situation this is what happened with Binance, the world’s largest cryptocurrency exchange by trading volume. In the first week of February 2023, Binance announced that it was suspending USD deposits and withdrawals. The development comes at a time when US banks are reducing their exposure to cryptocurrency assets due to recent issues with Silvergate Bank.
What do you think will be the impact of US banks’ reduction in exposure to cryptocurrency assets on the future of cryptocurrency exchanges? Let us know what you think about this topic in the comments section below.
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