Bybit Stops US Dollar Wire Transfer Deposits Due to Partner Service Outages –
On March 4, 2023, cryptocurrency exchange Bybit announced that it had suspended US dollar deposits via wire transfer. Bybit cited “failures” from its partner as the reason for suspending USD deposits via bank transfer and the SWIFT network.
Bybit suspends USD deposits, wire transfer withdrawals open until March 10th
Cryptocurrency exchange Bybit, founded in 2018, announced on Saturday that it would suspend US dollar deposits. “Bybit has suspended USD deposits via bank wire due to service outages at 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 still make US dollar deposits through the Advcash wallet or with a credit card. Bybit customers can still make wire transfer withdrawals via SWIFT and US banks until March 10, 2023. “If you wish to withdraw USD in the short term, please do so as soon as possible to avoid possible disruptions that may occur due to prevailing circumstances,” the cryptocurrency exchange announced.
The Dubai-based cryptocurrency exchange said it will launch an AdvcashWallet-Introduce withdrawal service to speed up user experience. “Please rest assured that the USD assets you hold with Bybit are safe and secure,” Bybit said. “Our platform has undergone rigorous security measures to ensure the safety of all user funds.” Bybit has not disclosed the identity of the partner that experienced outages.
Bybit’s news follows a similar situation to Binance, the world’s largest cryptocurrency exchange by trading volume. In the first week of February 2023, Binance announced that it would stop making deposits and withdrawals in US dollars. The development comes at a time when US banks are reducing their exposure to cryptocurrency assets due to the recent troubles with Silvergate Bank.
What impact do you think it will have on the future of cryptocurrency exchanges if US banks reduce their exposure to cryptocurrency assets? Let us know what you think about this topic in the comment section below.
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Source: Crypto News Deutsch
