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Bybit Suspends US Dollar Deposits, Wire Transfer Withdrawals Open Until March 10

• On March 4, 2023, Bybit announced it had suspended U.S. dollar deposits via bank transfer due to service outages from its partner.
• Customers can still make U.S. dollar deposits via the Advcash wallet or with a credit card and withdrawals via wire transfers through SWIFT and U.S. banks until March 10th, 2023.
• Bybit has implemented strict security measures to ensure the safety of user funds as banks reduce their exposure to cryptocurrency assets due to recent issues with Silvergate Bank.

Bybit Halts US Dollar Deposits via Bank Transfer

On March 4, 2023, cryptocurrency exchange Bybit announced that it had suspended U.S. dollar deposits via bank transfer citing „outages“ from its partner as the reason for the suspension of USD deposits via bank transfers and the SWIFT network.

Alternative Deposit Options Available

Bybit customers can continue to make U.S. dollar deposits via the Advcash wallet or with a credit card while also being able to make withdrawals via wire transfers through SWIFT and U.S. banks until March 10th, 2023 if they wish to withdraw USD at short notice without potential disruptions caused by prevailing circumstances.. The Dubai-based cryptocurrency exchange said it would launch an Advcash wallet withdrawal service to expedite the user experience as well in order to provide convenience for users seeking alternative deposit options available on the platform other than using a bank transfer or SWIFT network deposit option which is currently unavailable due to outages from their partner provider causing delays in processing these types of payments at this time..

User Funds Security Measures

Bybit has implemented strict security measures in order to ensure the safety of all user funds held on their platform as banks globally are reducing their exposure to cryptocurrency assets due recent issues with Silvergate Bank which may be impacting services provided by other payment processors partnered up with them such as Bybits own provider who is currently experiencing service outages causing delays in processing payments involving USD deposit methods at this time until further notice..

Binance Experienced Similar Situation

The news from Bybit follows a similar situation that occurred with Binance, the world’s largest cryptocurrency exchange by trade volume during February 2023 when Binance announced that it was halting US dollar deposits and withdrawals temporarily until further notice due to similar reasons involving unexpected delays and outages experienced by third party providers partnered up with them in providing payment processing services at this time..

Conclusion

The development comes at a time when US banks are reducing their exposure to cryptocurrency assets due recent issues associated with Silvergate Bank which could be potentially impacting services provided by other payment processors partnered up with them such as Bybits own provider who is currently experiencing service outages causing delays in processing payments involving USD deposit methods at this time until further notice so crypto traders should take precautionary measures before engaging into any digital asset transactions over currency exchanges like Bybit if they do not want any disruption occurring within their trading activities during this period of uncertainty surrounding global markets associated with virtual currency regulations taking place worldwide during these times ahead..