Dubai-based crypto exchange Bybit announced
that it would suspend U.S. dollar (USD) deposits via bank transfers,
including SWIFT, citing the service outages from the end-point
processing partner.
The users will have time to withdraw USD until March 10, 2023.
- The deposits with the Advcash wallet will still be available.
- Bybit users will also be able to purchase cryptocurrencies through credit cards.
- The crypto exchange also announced plans to launch a debit card in April across Europe and the U.K. in collaboration with the payments processing giant Mastercard.
- The
Bybit Card, issued by the U.K.-based payments solutions provider
Moorwand, will allow users to make payments and cash deposits using
their crypto assets.
- The
card will also support Bitcoin (BTC), Ethereum (ETH), Tether (USDT),
USD Coin (USDC), and Ripple (XRP) and automatically convert these
cryptocurrencies into euros or pounds during payment, depending on the
user’s residence.
- The
USD deposit suspension followed Silvergate Bank’s decision to
discontinue the Silvergate Exchange Network (SEN) platform that allowed
institutions to transfer USD between their bank accounts and crypto
exchanges.
- Several
Bybit users questioned whether the exchange used SEN for USD payments
since some major crypto exchanges, including Binance.US, Kraken, and
Gemini, were among the SEN’s clients.
- Last month, Binance also temporarily suspended USD transfers without showing any reason, saying it hopes to resume the service soon.
