“Bybit Halts USD Transactions: Latest Update on Deposits and Withdrawals”
caused by a change in their banking partner’s policies. Bybit has not disclosed the name of the banking partner, but the notice stated that the suspension will impact both national and international bank transfers. The suspension will take effect on 10 March 2023, and customers are advised to withdraw their USD funds before that date.
Bybit will also pause USD withdrawals as from 10 March 2023, but customers can still withdraw their funds in other supported currencies. The notice assured customers that their funds are safe and that the suspension will not affect their crypto holdings or trading activities. Customers can continue to buy crypto with credit or debit cards, and other fiat currencies such as EUR, JPY, and SGD are still supported.
The suspension of USD payments by Bybit and other crypto exchanges is a result of the increasing scrutiny and regulation of the crypto industry by governments and financial institutions. The use of cryptocurrencies for illicit activities such as money laundering and terrorism financing has raised concerns among regulators, and they are imposing stricter rules on crypto exchanges and banks that deal with them.
Bybit has been expanding its services and user base in recent years, and the suspension of USD payments may affect its growth and reputation. However, the exchange has assured its customers that it is working on finding a new banking partner and restoring the USD payment option as soon as possible.