Crypto exchange Bybit suspends dollar payments via bank transfers
Cryptocurrency exchange platform Bybit is temporarily suspending US dollar-denominated deposits and withdrawals through bank transfers, including SWIFT payments.
Cryptocurrency exchange platform Bybit is temporarily suspending US dollar-denominated deposits and withdrawals through bank transfers, including SWIFT payments.
Deposits with dollar transfers are temporarily suspended and withdrawals will be stopped on March 10, Bybit announced on its website. The platform cited “service breach by our endpoint processing partner.”
Deposits with dollar transfers are temporarily suspended and withdrawals will be stopped on March 10, Bybit announced on its website. The platform cited “service breach by our endpoint processing partner.”
The crypto exchange site said customers can use other methods to buy and withdraw cryptocurrencies. The platform did not identify the processing partner behind the suspension of bank transfers.
The crypto exchange site said customers can use other methods to buy and withdraw cryptocurrencies. The platform did not identify the processing partner behind the suspension of bank transfers.
Bybit’s move comes amid the dissolution of the crypto payment network run by ailing US lender Silvergate Capital Corp. The 24/7, real-time system was used by a number of exchanges and investors, but was discontinued on Friday.
Bybit’s move comes amid the dissolution of the crypto payment network run by ailing US lender Silvergate Capital Corp. The 24/7, real-time system was used by a number of exchanges and investors, but was discontinued on Friday.
The digital asset-focused bank said late on Friday that it had immediately made a “risk-based decision” to wind down the Silvergate Exchange Network (SEN).
The digital asset-focused bank said late on Friday that it had immediately made a “risk-based decision” to wind down the Silvergate Exchange Network (SEN).
“The crypto market reacted to the negative news from Silvergate Bank, with both Bitcoin and Ethereum down ~4.8% for the week,” analysts at brokerage Bernstein said in an industry note.
“The crypto market reacted to the negative news from Silvergate Bank, with both Bitcoin and Ethereum down ~4.8% for the week,” analysts at brokerage Bernstein said in an industry note.
A number of crypto heavyweights including Coinbase Global and Galaxy Digital have dropped Silvergate as a banking partner after the lender’s latest filing raised questions about its ability to continue as a going concern.
A number of crypto heavyweights including Coinbase Global and Galaxy Digital have dropped Silvergate as a banking partner after the lender’s latest filing raised questions about its ability to continue as a going concern.
The crypto industry has long fought for easy access to banks. US officials have stepped up a clampdown following the collapse of the FTX exchange, warning lenders about the risks of doing business with the digital asset sector.
The crypto industry has long fought for easy access to banks. US officials have stepped up a clampdown following the collapse of the FTX exchange, warning lenders about the risks of doing business with the digital asset sector.
Meanwhile, Binance – one of the world’s largest cryptocurrency exchanges – said last month that it is temporarily suspending US dollar deposits and withdrawals using bank accounts, and will work to restart the service soon.
Meanwhile, Binance – one of the world’s largest cryptocurrency exchanges – said last month that it is temporarily suspending US dollar deposits and withdrawals using bank accounts, and will work to restart the service soon.
