On March 4, 2023, cryptocurrency exchange Bybit announced that it has suspended USD deposits via bank wire transfer. as “outages” from its partners.
Bybit suspends USD deposits; withdrawals via wire transfer open until March 10
Bybit, a cryptocurrency exchange founded in 2018,announced Saturdaythat it will stop U.S. dollar deposits.” Bybit has stopped U.S. dollar deposits via bank wire transfer due to a service outage from a partner.” the company stated.” Effective immediately, U.S. dollar deposits via wire transfer (SWIFT) and wire transfer (to U.S. banks) are no longer available.”
Bybit said customers can continue to make USD deposits via Advcash wallet or by credit card; Bybit customers can make withdrawals via SWIFT and wire transfers through US banks until March 10, 2023.” If you wish to withdraw US dollars on short notice, please do so as soon as possible to avoid any disruption that may occur due to prevailing conditions.” The cryptocurrency exchange announced.
The Dubai-based cryptocurrency exchange announced that it is launching an Advcash wallet withdrawal service to speed up the user experience.” Rest assured that USD assets held with Bybit are safe.” Bybit stated.” Our platform undergoes strict security measures to ensure the safety of all user funds.” Bybit has not disclosed the identity of the partner experiencing the failure.
Bybit’s news follows a similar situation at Binance, the world’s largest cryptocurrency exchange by trading volume; during the first week of February 2023, Binance announced that it would suspend deposits and withdrawals in US dollars. This development comes at a time when U.S. banks are reducing their exposure to cryptocurrency assets due to the recent problems at Silvergate Bank.
What impact do you see on the future of cryptocurrency exchanges as U.S. banks reduce their exposure to cryptocurrency assets? Let us know what you think about this topic in the comments section below.
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