Bybit, a popular cryptocurrency exchange, has announced the suspension of U.S. dollar deposits via bank transfer due to service outages from its partner. The company stated that the suspension is effective immediately and will remain in place until further notice. However, wire transfer withdrawals will remain open until March 10.
Founded in 2018, Bybit has become a popular platform for trading cryptocurrencies. The exchange allows users to trade Bitcoin, Ethereum, and other digital assets with leverage. Bybit’s decision to suspend USD deposits via bank transfer has caused concern among its users, who rely on the platform for their trading activities.
In response to the suspension, Bybit has advised its customers to use alternative deposit methods such as Advcash wallet or credit card. The company has assured its clients that they can still make withdrawals via wire transfers through SWIFT.
The suspension of USD deposits via bank transfer is not the first time that Bybit has faced issues with its banking partners. In 2020, the exchange was forced to suspend withdrawals for several days due to issues with its banking partners.
Bybit’s decision to suspend USD deposits via bank transfer highlights the challenges faced by cryptocurrency exchanges in dealing with traditional financial institutions. As the cryptocurrency market continues to grow, exchanges will need to find new ways to work with banks and other financial institutions to ensure the smooth operation of their platforms.
