Crypto exchange Bybit suspends US dollar payments via bank transfers

CRYPTO exchange Bybit is suspending US dollar-denominated deposits and withdrawals via bank transfers, including Swift payments.

US dollar wire deposits have been temporarily suspended and withdrawals will be halted on Mar 10, the platform said on its website, citing “service outages from our end-point processing partner.”

Bybit said customers can use other methods to buy and withdraw crypto. It didn’t identify the processing partner behind the suspension of bank transfers.

Bybit’s move comes amid the unraveling of the crypto payments network operated by ailing US lender Silvergate Capital. The round-the-clock, real-time system was used by a host of exchanges and investors but was discontinued on Friday (Mar 3).

The crypto industry has long struggled for ready access to banks. US officials have intensified a clampdown following the collapse of the FTX exchange, warning lenders of the risks of doing business with the digital-asset sector.

Binance, the world’s largest crypto exchange, last month said it’s temporarily suspending deposits and withdrawals of US dollars using bank accounts, and will work to restart the service soon. BLOOMBERG