Bybit pauses USD deposits

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Updated March 6, 2023 | Published March 6, 2023

2 mins read

Industry analysts deem the move to be “a big deal” for the crypto market.

Crypto exchange Bybit has suspended US dollar (USD) deposits for national and international customers.

The exchange made the decision to temporarily cease USD deposits via national wire transfers and international SWIFT transfers due to service outages from its processing partner.

Although withdrawals will stop until further notice from March 10, users can continue to make purchases and are still able to deposit and withdraw cryptocurrencies to and from wallet addresses.

“The payment gateway interruption is limited in scope and does not involve other fiat or cryptocurrencies and/or account funding channels. Users can still buy cryptocurrencies in USD using their debit and credit cards through other channels”, a Bybit spokesperson said.

“We are closely urging our partners for alternative solutions, and will keep our users and stakeholders posted as soon as there are further developments.”

The move echoes crypto exchange Binance’s decision to halt USD withdrawals and transfers from February 8.

“We will temporarily suspend all USD bank transfers. Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible. All other methods of buying and selling crypto remain unaffected”, Binance tweeted at the time.

The suspension of withdrawals from both firms has not gone unnoticed by industry professionals and was dubbed “a big deal” by Matrixport head of research and strategy Markus Thielen.

“When Binance halted USD transfers in January, Bitcoin prices dropped 10%. This action is now preventing SWIFT and wire transfers to reach some crypto exchanges, said Thielen, adding that such actions “certainly make a trend that there is a deliberate attempt to cut off USD access for crypto exchanges and crypto firms.”

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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