Bybit, a famous Bitcoin and altcoin exchange, has suspended users from depositing US dollars. In addition, it was stated that the shooting process will be stopped as of March 10. Here are the details…
Bitcoin exchange stops USD deposits and withdrawals
Crypto exchange Bybit on Saturday announced the suspension of US dollar (USD) deposits for national and international customers. “We have temporarily suspended USD deposits via Wire Transfer (including SWIFT) until further notice due to service interruptions at our partner that enables us to process transactions,” the exchange said, adding that withdrawals will be stopped from March 10.
However, users can continue to deposit and withdraw cryptocurrencies to and from their wallet addresses and finance purchases via credit cards and other payment methods. Bybit’s move comes a month after Binance, the world’s largest crypto asset exchange by trading volume, halted dollar transfers and amid a crisis at Silverage, a California-based lender famous for providing traditional banking services to crypto firms, including exchanges.
Is Silvergate the reason for Bybit’s move?
cryptocoin.com As we reported last week, Silvergate said it was assessing whether it would “continue operating with continued concern”. Silvergate said it would have to postpone the March 16 deadline for submitting its annual 10-K report showing the financial performance of a public company to the U.S. Securities and Exchange Commission. Silvergate’s statement on Thursday resulted in multiple cryptocurrency service providers including Crypto.com, Coinbase, Gemini and others cutting ties with the embattled bank.
Silvergate previously provided banking services to Sam Bankman-Fried’s now bankrupt FTX exchange. The company posted a net loss of $949 million last year, according to its earnings report released in January. 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. Thielen used the following statements in a note to customers:
When Binance stopped USD transfers in January, Bitcoin prices dropped 10 percent. Obviously, Binance has a much bigger influence than other exchanges but now ByBit will also stop USD transfers from March 10. This action now marks a pause in SWIFT and wire transfers, and it’s a BIG event indeed. The examples are certainly creating a trend for crypto exchanges and crypto firms as a deliberate attempt to cut USD access.
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