Bybit Suspends USD Payments via Bank Transfer

Bybit Suspends USD Payments via Bank Transfer

Due to service disruptions caused by its end-point processing partner, the prominent cryptocurrency exchange Bybit has announced that it would temporarily halt the acceptance of US Dollar deposits made through wire transfer, including SWIFT bank transfers, until further notice.

Users should withdraw whatever money they want to before March 10, 2023 at 12 AM UTC, which is the time when withdrawals by wire transfer will no longer be possible.

Customers have the option of continuing to deposit US dollars using their credit cards or switching to the Advcash Wallet as an alternate method.

However, despite Bybit’s assurances that user funds are “safe and secure,” the company advises customers who intend to withdraw USD to do so “as soon as possible to avoid potential disruptions.” This recommendation is made in spite of the fact that Bybit guarantees that user funds are “safe and secure.”

The announcement that Signature Bank would no longer handle transactions for amounts less than $100,000 was made by Binance last month. It is currently not possible for some individual users, outside of their business accounts, to buy or sell cryptocurrency via SWIFT bank transfers for sums of less than $100,000.

Compiled by Coinbold