Bybit Suspends USD Deposits Due To Partner Service Interruption
On March 4, Bybit announced that due to the service interruption of partners, Bybit has suspended the US dollar deposit value paid through banks, and no longer…
On March 4, Bybit announced that due to the service interruption of partners, Bybit has suspended the US dollar deposit value paid through banks, and no longer can use the US dollar deposit value through wire transfer (SWIFT) and wire transfer (Bank of America). Bybit did not disclose in the announcement whether the bank partner is Silvergate.
Bybit suspends US dollar deposits paid through banks
Interpret the above information:
Bybit, a popular cryptocurrency exchange, made an announcement on March 4th, stating that it has suspended USD deposits due to the interruption of services by its partners. The exchange disclosed that it can no longer accept USD deposits through wire transfer (SWIFT) and wire transfer (Bank of America).
The reason for this suspension is due to the unknown interruption of the services provided by its banking partners. Unfortunately, Bybit did not disclose the name of the banking partner that caused the disruption of services. Thus, it is unclear whether the banking partner was Silvergate – the primary banking partner of the exchange.
This suspension in USD deposits significantly affects traders who rely on Bybit as their primary exchange for trading BTC, ETH, and other cryptocurrencies. The halt of the USD deposit feature will force traders to convert their USD into crypto before trading, which incurs additional fees or commissions from multiple exchanges or third-party conversion services.
This suspension highlights the importance of selecting reliable crypto exchanges and banking partners. In the current crypto space, traders must be cautious and selective regarding the platforms and partners they work with. Service interruptions or disruptions can cause significant losses and delays in the trading process.
In conclusion, Bybit’s suspension of the USD deposit feature highlights the importance of selecting reliable crypto exchanges and banking partners. While the unknown banking partner’s service interruption caused this, traders must also be cautious and selective regarding the platforms and partners they work with. This suspension serves as a reminder to traders that crypto trading is high-risk, and they must take precautions to minimize their losses.
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