Bybit Suspends USD Bank Transfers Due To Partner Failures, Causing Market Uproar

Key Points:

• Bybit announced that it was halting USD deposits via wire transfer due to “service outages” from one of its partners.
• Customers of Bybit and other cryptocurrency exchanges may have to rely on alternative payment methods or wait for the issue to be resolved before resuming wire transfer deposits.

On Saturday, cryptocurrency exchange Bybit announced that it was halting USD deposits via wire transfer due to “service outages” from one of its partners.

The company stated that USD deposits via wire transfer (SWIFT) and wire transfer (for U.S. banks) were no longer available, effective immediately. When contacted for further comment, Bybit representatives did not respond before the publication deadline.

However, Bybit emphasized that USD deposits via the crypto wallet Advcash or credit card purchases of cryptocurrencies were still possible on the exchange. Bybit also stated that it would soon launch the Advcash Wallet withdrawal service. Withdrawals via SWIFT or U.S. bank wire transfers are available until March 10 at midnight UTC, according to the exchange.

Despite the halt on USD deposits, Bybit assured its customers that USD assets held in the exchange were secure. The company had previously introduced a system that enables its customers to verify the cryptocurrency assets held by the platform in its reserves.

It is unclear at this point how long the halt on USD deposits via wire transfer will last. Nevertheless, the announcement from Bybit suggests that the outage is temporary and that the exchange is taking measures to address the issue. BB is not the only cryptocurrency exchange to experience disruptions due to service outages or technical glitches. However, the company’s decision to suspend USD deposits via wire transfer underscores the challenges and uncertainties facing the cryptocurrency industry, which continues to operate outside of traditional banking systems and regulatory frameworks.

Customers of Bybit and other cryptocurrency exchanges may have to rely on alternative payment methods or wait for the issue to be resolved before resuming wire transfer deposits. As with any emerging technology or financial instrument, the cryptocurrency industry is likely to experience a period of volatility and experimentation as it evolves and matures.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News