“Bybit Halts USD Deposits and Withdrawals: What You Need to Know”
Bybit, a Singapore-based cryptocurrency exchange, has announced that it will be suspending US dollar-denominated deposits due to repeated service outages experienced by its end-point processing partner. The ban will affect both national and international users, and the exchange is also considering discontinuing wire transfers and withdrawals from March 10. Bybit has assured users that they can still execute withdrawal and deposit transactions using their wallet addresses, and fund purchases via payment options and credit. The ban comes amid a crisis at Silvergate, a US-based bank that provides services to cryptocurrency exchanges, which has been experiencing technical difficulties. Bybit has not yet announced when the ban will be lifted.