Bybit Suspends USD Bank Transfers Due to Partner Outages
- The crypto exchange no longer accepts USD deposits via wire transfers, including SWIFT, but users can still fund purchases through their credit and debit cards.
- USD deposits can still be made through the Advcash Wallet, and Bybit is currently working on making USD withdrawals available through it as well.
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Cryptocurrency exchange Bybit has temporarily suspended U.S. dollar (USD) deposits via bank transfers due to “service outages” from its partner, the company said in a press release on 4 March.
According to the announcement, the crypto exchange no longer accepts USD deposits via wire transfers — including SWIFT — but users can still fund purchases through their credit and debit cards. The exchange also noted that while USD wire transfer deposits have been halted, USD withdrawals via wire transfers will remain available until midnight on 10 March, and urged clients who whish to withdraw USD to do so “as soon as possible”.
Bybit will continue to accept USD deposits through the Advcash crypto wallet, and is currently working on making USD withdrawals available through the same crypto wallet. The exchange also noted that users’ USD funds were “safe and secure”, and that it is closely working with its partners on an alternative USD solution.
Bybit is not the only cryptocurrency exchange to have recently disabled USD bank transfers, with Binance also temporarily suspending the service back in February. The popular crypto exchange previously also had troubles with its SWIFT transfers in USD, with its banking partner Signature Bank warning Binance it would no longer support such transactions of less than $100,000.
Bybit’s announcement came only a day after Silvergate Bank — another crypto-focused bank — revealed it will be discontinuing its digital assets payment network SEN, noting that it was a “risk-based decision”. The stock price of the bank fell significantly last week after crypto exchange Coinbase and stablecoin issuer Paxos announced they will be terminating their partnerships with Silvergate.
- The new license allows Bybit to offer its full suite of crypto services to users from the third most populous island in the Mediterranean Sea.
- It not only helped the exchange expand its global presence, but also showed its commitment to compliance with local rules.
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- The crypto exchange confirmed on Tuesday that it has started the process of integrating the technology, and that it is already running Lightning Network nodes.
- Crypto exchanges Kraken, OKX, and Bitfinex have already integrated the technology into their platforms, while Coinbase said it will do so in the future.
- Binance.US warned that due to the “extremely aggressive and intimidating tactics” of the SEC it will be temporarily transitioning to an all-crypto exchange.
- The company said USD deposits are already suspended, and that its banking partners were preparing to pause USD withdrawals as early as 13 June.