Breaking: Bybit Latest To Suspend USD Deposits Amid Silvergate Crisis

Bybit Crypto News: Top crypto exchange Bybit on Saturday said it suspended US Dollar deposits through bank transfer. The exchange cited service outages from its banking partner, although it did not name the bank. The news comes amid crypto market difficulties after Silvergate expressed concerns around liquidity issues and troubles for operating going forward. Already, several crypto exchanges and companies linked to Silvergate cut ties with the bank.

Also Read: New Twist In XRP Lawsuit; What Does Ripple’s New Supreme Court Letter Mean?

Bybit USD Withdrawals – What Next?

The Bybit USD transaction suspension was effected immediately owing to the circumstances with the partner, it said in a statement. However, users will shortly be able to utilize the services of the Advcash Wallet for making USD deposits. This would be an alternate solution from Bybit amid difficult situation with the banking partner. While USD deposits are immediately suspended, Bybit users will be able to make withdrawals under March 10, 2023.

“Bybit has suspended USD deposits via bank transfer due to service outages from our partner. Effective immediately, USD deposits via Wire Transfer (SWIFT) and Wire Transfer for US bank are no longer available.”

In the case of Bybit, it is still not sure which partner it had ties with, amid the FUD around Silvergate. The exchange also warned about potential disruptions due to ‘prevailing circumstances’ with the banking partner. Hence, it encourage to withdraw USD as soon as possible. The exchange also clarified that the USD assets are safe and secure, amid much FUD in the crypto ecosystem around Silvergate. On Thursday, March 2, 2023, Coinbase announced it severed connection with Silvergate Bank as its US dollar banking partner. Coinbase immediately made the switch to Signature Bank for USD cash transactions.

Also Read: Coinbase (COIN) Stock Rally As Cathie Wood’s Ark Invest Continues Buying Spree In March