Giant Exchange Announces Suspending Dollar Deposit Transactions!

Crypto futures exchange Bybithas temporarily suspended bank transfer dollar deposits due to service interruptions from its partner.

Bybit Exchange Announces Temporarily Suspending Dollar Deposit Transactions

The exchange noted that USD deposits via wire transfer, including Wire Transfer (SWIFT) and Wire Transfer (for US banks), are currently not available to its users.

Bybit did not disclose which bank partner experienced service interruptions. However, reports indicate that it could be Silvergate, a leading US-based financial institution that provides banking services to many crypto companies.

Bybit’s temporary suspension of USD deposits via wire transfer may cause inconvenience to its users as it means they will have to use other methods such as stablecoin deposits or crypto deposits to fund their accounts.

The exchange advised its users to explore alternative options such as depositing in cryptocurrencies such as Bitcoin or Ethereum.

Despite the temporary shutdown, Bybit remains one of the largest crypto derivatives exchanges in the world.

The exchange offers a range of products, including perpetual contracts, futures contracts, and options contracts on cryptocurrencies such as Bitcoin, Ethereum, and other altcoins.

Bybit stated that it is working to resolve the issue and resume USD deposits via wire transfer as soon as possible.

The exchange also encouraged its users to stay tuned for updates and contact their customer support team with any questions or concerns.

Meanwhile, users who want to trade on Bybit can continue to do so using the alternative funding options available on the platform.

*Not investment advice.