Bybit Suspends USD Deposits via Bank Transfer Due to Service Outages from Partner

Bybit, a leading cryptocurrency exchange, has suspended USD deposits via bank transfer due to service outages from their partner. Effective immediately, USD deposits via Wire Transfer (SWIFT) and Wire Transfer (For US bank) are no longer available. The exchange did not disclose the name of the bank partner responsible for the service outage.

Bybit has advised its users to continue making USD deposits via the Advcash Wallet or to buy cryptocurrencies with their credit card on the One-Click Buy page. However, users can still make withdrawals via Wire Transfer (SWIFT) and Wire Transfer (For US bank) until March 10, 2023, 12 AM (midnight) UTC.

In a statement released by Bybit, the exchange assured its users that the USD assets they hold on the platform are safe and secure. The platform has undergone strict security measures to ensure the safety of all user funds.

Bybit has also announced that it will be launching the Advcash Wallet withdrawal service shortly to provide users with a better user experience.

The suspension of USD deposits via bank transfer may cause inconvenience to some users, especially those who prefer to deposit large sums of money. Bybit has advised users who wish to withdraw USD at short notice to do so as soon as possible to avoid potential disruptions that may occur due to prevailing circumstances.

The suspension of USD deposits via bank transfer is a reminder of the challenges faced by cryptocurrency exchanges, especially with regards to banking partnerships. However, Bybit’s swift response to the service outage and assurance of the safety of user funds is commendable.

If you don’t have a Bybit account, sign up here.

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