One of the major cryptocurrency exchanges Bybit announced on Saturday that it has temporarily suspended US dollar bank transfers. The exchange informed that interruptions in service were caused by its banking partner but did not specify which bank was responsable.
Bybit Stops USD Deposits Via Bank Transfer
The news comes at a time of turmoil in the cryptocurrency market, as Silvergate has expressed concerns about liquidity issues and ongoing operational difficulties. Many cryptocurrency exchanges and affiliates have cut ties with Silvergate Bank.
According to company’s statement, Bybit USD transactions were suspended due to the situation with the partner. However, in the near future Advcash wallets will enable users to deposit USD. Given the current predicament with banking partners, this alternative approach represents Bybit’s best efforts to handle the situation. It seems that Bybit users will no longer be able to make new USD deposits, but withdrawals will be available until March 10, 2023.
The exchange appointed: “Bybit has suspended USD deposits via bank transfer due to service outages from our partner. Effective immediately, USD deposits via Wire Transfer (SWIFT) and Wire Transfer for US banks are no longer available.”
Amid the turmoil surrounding Silvergate, Bybit is still determining which partners it is in a relationship with. The exchange anticipates a possible disruption due to the “general situation” of banking partners. Despite the fear, uncertainty, and doubt (FUD) in the crypto world over Silvergate, the exchange announuced that USD assets are safe.
Coinbase informed on Thursday, March 2, 2023 that it was ending its relationship with Silvergate Bank as its USD banking partner. Coinbase immediately transferred its USD currency transactions to Signature Bank.
Source
Check out more of our latest news here
Leave a comment