Bybit stops USD bank transfer deposits due to partner “service failures”

The cryptocurrency exchange Bybit terminated its support for the bank transfer method of depositing US dollars, claiming “service disruptions” from a partner.

In a notice made public on Saturday by the corporation, it was said that “Starting immediately, USD deposits through wire transfer (SWIFT) and wire transfer (for U.S. banks) are no longer accessible.”

At the time of publishing, The Block had attempted to contact a Bybit representative for more comment but had not yet received a response.

Bybit continued to emphasize that USD deposits could still be made on the exchange via the cryptocurrency wallet Advcash or credit card purchases of cryptocurrencies could still be made.

Bybit has announced that it will shortly begin offering withdrawals from the Advcash Wallet service. Until March 10 at midnight UTC, customers may withdraw via SWIFT or wire transfers from a bank in the United States.

The exchange said that USD assets stored in Bybit are safe and secure even in the case of an attack. Earlier, the business began rolling out a mechanism that enables its clients to check the crypto assets held in reserve by the crypto exchange platform.

Also Read: Bitcoin’s Inflation Rate Is Currently Three Times Less Than That Of The U.S. Dollar