Bybit Suspends US Dollar Deposits Through Banks due to Service Interruption
On March 4, Bybit announced that due to the service interruption of partners, Bybit has suspended the US dollar deposit value paid through banks, and no longer…
On March 4, Bybit announced that due to the service interruption of partners, Bybit has suspended the US dollar deposit value paid through banks, and no longer can use the US dollar deposit value through wire transfer (SWIFT) and wire transfer (Bank of America). Bybit did not disclose in the announcement whether the bank partner is Silvergate.
Bybit suspends US dollar deposits paid through banks
Interpretation of the news:
On March 4, Bybit, a cryptocurrency exchange, issued a statement regarding the suspension of US dollar deposits through banks. The reason for this move, Bybit says, is due to a service interruption of its partners. As a result, Bybit cannot receive US dollar deposits through wire transfer (SWIFT) and wire transfer (Bank of America).
Bybit’s announcement did not disclose the exact bank partner affected by the service interruption. However, the suspension of US dollar deposits is significant news for traders who use the exchange to convert their cryptocurrencies into US dollars.
The decision to suspend US dollar deposits through banks is not new to the cryptocurrency exchange ecosystem. Other exchanges have suffered similar setbacks due to partnership issues. For instance, Binance, the largest cryptocurrency exchange by trading volume, had to suspend US dollar deposits in 2019 when its partner, Silvergate Bank, experienced system outages that affected transactions.
Bybit’s decision to suspend US dollar deposits through banks doesn’t come as a surprise, as the cryptocurrency market is known for its high volatility and susceptibility to breaches. As such, cryptocurrency exchanges, including Bybit, have prioritized the security of user funds, which means that they tend to be more cautious with third-party partners.
In any case, Bybit has offered alternative deposit options for its users. These deposit options include USDT and crypto deposits, which are not affected by the service interruption. Bybit has also put in place measures to ensure traders can still trade without interruptions despite the suspension of US dollar deposits.
In conclusion, Bybit’s suspension of US dollar deposits for its traders raises questions about the role and reliability of third-party partnerships in the cryptocurrency trading ecosystem. As such, traders have to be cautious about the platforms they use to convert their cryptocurrencies into fiat or vice versa.
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