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Payment Processor Outages Force Bybit to Suspend USD Deposits

Payment Processor Outages Force Bybit to Suspend USD Deposits

Yet another crypto exchange is suspending USD transfers.

On March 4th, Bybit, one of the largest crypto exchanges established in 2018, announced that it had suspended USD deposits until further notice.

The Dubai-based crypto exchange is one of the companies that connected to Genesis Global Trading, the crypto lending platform that filed for bankruptcy on January 20th, 2023.

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In its announcement, the company noted that it has suspended USD deposits "through wire bank transfer because of <their> partner’s service outages.” Therefore, all deposits made through wire transfer (SWIFT) and wire transfer (for US banks) are unavailable.Y

Despite that, the company highlighted that “alternatively, customers can keep making USD deposits with their credit cards or Advcash Wallets.”

The company also noted that on March 10th, it is set to suspend its Wire Transfer (SWIFT) withdrawals. According to the announcement, the move is caused by the same problems with the processing partner. The company noted:

Please, ensure you withdraw through these methods on or before midnight UTC, March 10th, 2023.

Bybit also stated that Advcash Withdrawals would become available soon. According to Bybit, Advcash Wallet withdrawals should significantly speed up and improve user experience.

The company further told users to remain calm, reassuring that their funds are “secure and safe.” It is worth noting that the company is yet to reveal the partner with the outage problems

However, investors are pointing fingers at the Silvergate payment network. The Bybit deposit halt announcements came 24 hours after Silvergate revealed that it will halt users’ transactions involving buying crypto assets with credit cards.

Bybit is not the only crypto exchange halting USD transfers. Binance, the largest crypto exchange in the world, also announced the halt in February.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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