What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Crypto Exchange Bybit Suspends USD Deposits
    News

    Crypto Exchange Bybit Suspends USD Deposits

    Anietie DavidBy Anietie DavidMarch 6, 2023Updated:March 6, 2023No Comments2 Mins Read
    Crypto Exchange Bybit Suspends USD Deposits
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Bybit announced the suspension on Saturday, adding that withdrawals through wire transfers, including SWIFT, will be halted from March 10.

    Crypto exchange Bybit on Saturday announced a suspension of U.S. dollar (USD) deposits for national and international customers.

    “We have temporarily suspended USD deposits via Wire Transfer (including SWIFT) due to service outages from our end-point processing partner until further notice.”

    the exchange said, adding that withdrawals will be stopped from March 10

    Users, however, can continue to deposit and withdraw crypto to and from wallet addresses and fund purchases through credit cards and other payment methods.

    “The payment gateway interruption is limited in scope and does not involve other fiat or crypto currencies and/or account funding channels. Users can still buy crypto currencies in USD using their debit and credit cards through other channels. We are closely urging our partners for alternative solutions, and will keep our users and stakeholders posted as soon as there are further developments.”

    Bybit’s decision comes only a month after Binance, the world’s largest digital asset exchange by trading volume, banned dollar payments, and amid a crisis at Silverage, a California-based lender known for providing traditional banking services to crypto enterprises, including exchanges. Silvergate announced last week that the company is assessing its capacity to continue as a going concern and has postponed filing its annual report with the Securities and Exchange Commission.

    Bybit Mitigating Silvergate Crisis

    According to Markus Thielen, head of research and strategy at crypto services provider Matrixport, Bybit’s decision to follow Binance’s lead amid the Silvergate crisis is a big deal for the crypto market.

    “When Binance halted USD transfers in January, bitcoin prices dropped -10%. Obviously, Binance has a much bigger impact than other exchanges but also now ByBit will halt USD transfers from March 10 onwards. This action is now preventing SWIFT (international) and Wire transfers (national) to reach some crypto exchanges and is indeed a BIG deal.”

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticlePakistan Banks Association Agree on Blockchain-based KYC System Development
    Next Article India Pushes Anti-money Laundering Regulation for Crypto Transactions
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.