Bybit halts USD bank transfers citing partner outages

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Dubai-based cryptocurrency exchange Bybit has stopped accepting US dollar (USD) deposits via bank transfer following a “partner outage”. Funds can be withdrawn by wire transfer until March 10th.

In a March 4 blog post, the cryptocurrency company Said “US dollar deposits via wire transfer (SWIFT) and wire transfer (for US banks) are no longer available.” Alternatively, you can continue to deposit in US dollars using your Advcash wallet or credit card. increase.

Withdrawals from Advcash Wallet will be available soon. Bybit claims that users’ funds are “safe and secure” but urges clients planning to withdraw USD to withdraw “as soon as possible to avoid potential confusion”. increase.

Bybit is one of the companies involved in cryptocurrency lender Genesis Global Trading, which filed for Chapter 11 bankruptcy on January 20.

According to Bybit CEO Ben Zhou, its exposure amounts to $150 million through its investment arm, Mirana Asset Management. A total of $120 million in funds has been pledged and liquidated, Zhou said. Additionally, he ensured that all client funds were sent to separate accounts and that Bybit’s winning products did not use Mirana.

The outage comes a day after Silvergate Bank announced plans to shut down its digital asset payments network, claiming the shutdown was a “risk-based decision.” This network was one of the major entry and exit points for USD in the American cryptocurrency industry.

Regulatory pressure and market spills following the dramatic collapse of crypto exchange FTX in November 2022 are forcing US banks to reduce their exposure to crypto assets.

Binance announced last month that it was temporarily suspending US dollar bank transfers. Earlier in January, the exchange said its SWIFT transfer partner, Signature Bank, would only process transactions by users with US dollar bank accounts over $100,000. announced that it is reducing