Bybit has announced the suspension of USD payment with bank transfer through its partner bank Silvergate, citing “circumstances beyond our control.” This decision could be seen as a move to mitigate regulatory risks and ensure compliance with evolving regulations around cryptocurrency trading, as regulators like the SEC and CFTC are closely monitoring the crypto space.
Bybit, a popular cryptocurrency exchange, has announced a temporary suspension of its USD deposit and withdrawal services through Bank Transfer. According to an announcement made on March 2, 2023, Bybit stated that the suspension was due to technical issues experienced by its banking partner, Silvergate Bank, with its payment processor.
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Bybit reassured its users that all funds were safe and the suspension was just temporary. The cryptocurrency exchange stated that it was working closely with Silvergate Bank to resolve the technical difficulties and resume the USD services as soon as possible.
Bybit’s users who want to make USD deposits or withdrawals will need to use other payment options such as cryptocurrencies or stablecoins. The temporary suspension of the USD services does not affect the trading of cryptocurrencies on the platform.
Bybit has advised its users to keep an eye on its social media channels for updates on when the USD services will be available again. The cryptocurrency exchange has apologized for any inconvenience caused by the suspension and thanked its users for their understanding.
Bybit has also reminded its users that if they wish to withdraw USD at short notice, they should do so as soon as possible to avoid any potential disruptions that may occur due to the prevailing circumstances.
The exchange further stated that they will soon be launching the Advcash Wallet withdrawal service.
The company sought to reassure its users that the USD assets held on Bybit are safe and secure, as the platform has undergone strict security measures to ensure the safety of all user funds. Bybit continued to stress that USD deposits via the crypto wallet Advcash or credit card purchases of cryptocurrencies were still available on the exchange.
Bybit said it will soon launch the Advcash Wallet withdrawal service, and that withdrawals via SWIFT or U.S. bank wire transfers are available until March 10 at midnight UTC. The exchange said that USD assets held in Bybit are safe and secure. Previously, the company rolled out a system that allows its customers to verify crypto assets the crypto exchange platform holds in its reserves.
The news from Bybit follows a similar situation that occurred with Binance, the world’s largest cryptocurrency exchange by trade volume. During the first week of February 2023, Binance announced it was halting U.S. dollar deposits and withdrawals. The development comes at a time when U.S. banks are reducing their exposure to cryptocurrency assets due to recent issues with Silvergate Bank.
