Troubled U.S. Crypto Industry! ByBit Suspends US Dollar Deposits Via Bank Transfer!

crypto exchange ByBit suspends US dollar deposits
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Dubai-based crypto exchange Bybit has suspended United States dollar deposits via bank transfers (including SWIFT) in response to “service outages from a partner,” the company announced via a blog post and on Twitter. However, customers can continue to deposit USD via the Advcash Wallet or buy cryptocurrencies with a credit card on ByBit‘s One-Click Buy page. Funds can be withdrawn through wire transfers until March 10. 

The suspension comes just a day after the Californian Silvergate Bank announced plans to discontinue its digital assets’ payment network, claiming the termination is a “risk-based decision.” Silvergate was a major on- and off-ramp for USD in the U.S. crypto industry. Latest rumors say that Silvergate may file for bankruptcy protection anytime soon.

In February, Binance announced it would temporarily suspend bank transfers of U.S. dollars and, additional, SWIFT transfers for most jurisdictions. Previously, in January, the exchange said its SWIFT transfer partner, Signature Bank, would only process trades by users with U.S. dollar bank accounts over $100,000. Signature Bank previously announced it was drastically decreasing crypto deposits.

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