Cryptocurrency exchange Bybit has announced the suspension of US dollar deposits via wire transfer on its platform. As of March 10, 2023, USD withdrawals by wire transfer will also be suspended. Assets in USD are well and truly secure reassures Bybit.
No USD deposits now, no USD withdrawals in 5 days
Cryptocurrency exchange users Bybit face new restrictions. In a communicate, Bybit announced the suspension of payments in US dollars by bank transfer. The platform has announced that from March 04, 2023, the date of publication of the press release, deposits in USD by bank transfer are suspended. Withdrawals in USD by bank transfer will also be suspended on March 10.
As of today, USD deposits by Wire Transfer (SWIFT) and Wire Transfer (for US banks) are no longer available… You will still be able to withdraw by Wire Transfer (SWIFT) and by bank transfer (for US banks) until March 10, 2023, 00:00 UTC.
Bybit press release
For this purpose, Bybit invites its users who wish withdraw USD by wire transfer before the March 10 deadline. To avoid any last minute disruptions, Bybit encourages its users to do USD withdrawal as soon as possible. In case of difficulties, users can contact customer service from Bybit or ask their questions about live chat.
No worries for Bybit users
The announcement of Bybit from the suspension of payments in USD by bank transfer to something to worry the users of the platform. A few months ago, Bybit had imposed withdrawal limits to its unidentified users. The platform also had fired 30% of its staff due to the crypto bear market. Is Bybit going through difficult times?
“No”, proclaims loud and clear the platform.
Bybit assures in its press release that the suspension of payments in USD is not linked to a liquidity crisis. This decision was made due to service outages experienced by the platform’s banking partner. Thus, other means of payment such as credit card or Advcash wallet are still functional on Bybit.
The exchange is even working to find an alternative to USD payments via wire transfer. For this purpose, Bybit announcement soon the launch of the Advcash wallet withdrawal service.
Bybit will soon launch the Advcash Wallet withdrawal service to provide you with a better user experience.
Bybit press release
Shortly before Bybit, its competitor Binance imposed USD withdrawal limits per transfer. Indeed, US users of Binance can no longer withdraw less than 100,000 USD by bank transfer since February 1, 2023. Unlike Bybit which evokes service failures from its partner, Binance has been victim of restrictions imposed by its partner Signature Bank. So far, everything is safe for Bybit.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
