Bybit exchange Bybit suspends dollar bank transfers

A victim of the problems experienced by Silvergate Bank, crypto exchange Bybit has announced that it has suspended dollar deposits via wire transfer, and will also suspend dollar withdrawals on March 10.

This is a blow to some crypto exchanges whose customers will no longer be able to withdraw their funds or deposit funds to buy Bitcoin and cryptocurrencies.

We have temporarily suspended USD deposits via bank transfer (including SWIFT) due to service interruptions from our endpoint processing partner until further notice.

Withdrawals via bank transfer (including SWIFT) will also be suspended on March 10, 2023 at 00:00 (midnight) UTC due to the same endpoint processing partner. If you wish to make withdrawals via these methods, please do so before March 10, 2023, 00:00 (midnight) UTC,” Bybit states in its release.

A crypto sector that is under increasing pressure from regulators who seem to want to complicate the purchase of crypto-currencies for the general public. Regulators who believe that the crypto market presents too great a risk for individuals, following in particular the bankruptcy in 2022 of several major crypto trading and staking players (FTX, Celsius Network, BlockFi, Genesis, or Voyager Digital).

In December, the Singapore-based platform made a second wave of layoffs to face the crypto winter. Bybit is among the largest creditors of the bankrupt crypto lender Genesis.