Bybit suspends USD deposits and withdrawals because of the loss of banking partners

Cryptocurrency exchange Bybit has announced that it will stop accepting USD deposits and withdrawals, similar to Binance since early February.

Bybit suspends USD deposits and withdrawals because of the loss of banking partners

On March 4, Bybit suddenly announced that it stopped supporting USD deposit and withdrawal because the bank partner stopped providing this service.

Specifically, two features of USD deposit and withdrawal through Wire Transfer, including the SWIFT network globally and in the US, will no longer be available.

The suspension notice is effective from 10/03/2023 at 7am (Vietnam time), from now on users can make USD transactions if needed and wait for the next announcement.

In addition, Bybit emphasized that the service of “buying USD” by credit card or through the Advcash crypto wallet is still available. And the feature “withdraw USD” will be developed by the exchange in the near future.

This move follows Binance in February 2023, the world’s largest crypto exchange by surprise Stop supporting deposit and withdrawal for the same reason. Binance Explains Their Banking Partner In The US Is Signature Bankwants to change the conditions of cooperation and reduce its exposure to crypto, thereby only supporting transactions of 100,000 USD or more.

Although it has not been confirmed, there are many speculations that the partner bank mentioned by Bybit is also Signature Bank.

Bybit’s announcement comes at a “sensitive” time as another crypto-friendly bank, Sivergate Bank, is showing signs of being hit hard by the virus. “liquidity crisis” forced n stop transferring money to cryptocurrency exchanges.

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