Cryptocurrency exchange Bybit, known for offering derivatives instruments, will temporarily suspend US dollar withdrawals from 10 March due to a service outage of its “end-point processing partner.”
“Withdrawals via Wire Transfer (including SWIFT) will also be suspended at Mar 10, 2023, 12 AM (midnight) UTC due to the same end-point processing partner. If you wish to make any withdrawals via these methods, please do so before Mar 10, 2023, 12 AM (midnight) UTC,” the Dubai-headquartered exchange stated in a notice released over the weekend.
Notice on Suspension of USD Payments via Bank Transfer
You may continue to make USD deposits via the Advcash Wallet, or buy cryptocurrencies with your credit card on our One-Click Buy page.
More details here: https://t.co/Roae3T4pYJ#Bybit #TheCryptoArk pic.twitter.com/XAUI2AeDJC
— Bybit (@Bybit_Official) March 4, 2023
However, the platform will still allow users to purchase cryptocurrencies with credit cards. Further, it will continue to enable crypto deposits and withdrawals.
Bybit did not reveal the name of its USD processing partner. However, the confirmation of the suspension came only a day after California-based Silvergate Bank announced its plans to discontinue its digital asset payment network. Once one of the progressive banking institutions towards crypto, Silvergate cited the move as a “risk-based decision.”
Silvergate Tldr: “In January we told you we had lost nearly $1bn, but since then we’ve discovered that we lost a shedload more than that, breached our covenant with FHLB, had to sell securities at a discount to repay FHLB’s loans, and now we’re not sure we are solvent” pic.twitter.com/fxBiq8gfCd
— Frances ‘Cassandra’ Coppola (@Frances_Coppola) March 2, 2023
“The payment gateway interruption is limited in scope and does not involve other fiat or cryptocurrencies and/or account funding channels. Users can still buy cryptocurrencies in USD using their debit and credit cards through other channels. We are closely urging our partners for alternative solutions and will keep our users and stakeholders posted as soon as there are further developments,” a Bybit spokesperson said to media houses.
More Such USD Withdrawal Suspensions to Come?
Earlier, Binance temporarily terminated its US dollar deposits and withdrawals using bank transfers on its global platform. However, the service limitations did not impact its customers in the United States, who were onboarded under the US-based arm.
Bybit was founded…
