On March 4, 2023, the Bybit cryptocurrency exchange announced that it had suspended US dollar deposits via bank transfer. Bybit cited “outages” from its partner as the reason for the suspension of USD deposits via bank transfers and the SWIFT network.
Bybit Suspends USD Deposits, Wire Transfer Withdrawals Open Until March 10
The Bybit cryptocurrency exchange, founded in 2018, Announced on Saturday that it will suspend deposits in US dollars. “Bybit has suspended USD deposits via bank transfers due to service outages from our partner,” the company said. “Effective immediately, USD deposits via Wire Transfer (SWIFT) and Wire Transfer (for US banks) are no longer available.”
Bybit noted that customers can continue to make deposits in US dollars through the Advcash wallet or with a credit card. Bybit customers will still be able to make wire transfer withdrawals via SWIFT and US banks until March 10, 2023. “If you want to withdraw USD at short notice, please do so as soon as possible to avoid potential disruptions that may occur. due to prevailing circumstances,” the cryptocurrency exchange announced.
The Dubai-based cryptocurrency exchange said it would launch an Advcash wallet withdrawal service to speed up the user experience. “Rest assured that the USD assets you hold at Bybit are safe and secure,” Bybit said. “Our platform has undergone strict security measures to ensure the safety of all user funds.” Bybit did not disclose the identity of the partner who experienced outages.
The Bybit news follows a similar situation that occurred with Binance, the world’s largest cryptocurrency exchange by trading volume. During the first week of February 2023, Binance announced that it would suspend US dollar 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 reducing their 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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