Bybit Suspends USD SWIFT & Wire Transfers, Following Binance

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Bybit, the cryptocurrency company, has decided to stop accepting USD deposits through Wire Transfer and SWIFT from US banks. Bybit has recently joined the increasing list of exchangers that have suspended USD payments. This occurred following the suspension of USD transactions by the Binance exchanges.

Bybit is a cryptocurrency derivatives trading platform that allows users to trade perpetual contracts and other cryptocurrency derivatives. Bybit offers a range of features and tools, including advanced order types, margin trading, and risk management tools.

Bybit has decided to follow Binance’s lead and suspend USD SWIFT and wire transfers. This could be due to various reasons, such as regulatory challenges, compliance issues, or a shift in focus toward alternative deposit methods.

It is also worth noting that the updated rules will go into effect on March 10, 2023. As per the latest details, users can still make deposits in USD using their credit cards or the Advcash Wallet. However, the exchange announced that the Advcash alternative will become accessible soon. At the same time, Bybit informed its users that their funds were secure and protected, it recommended clients with intentions to withdraw USD act quickly to minimize any inconveniences.

Bybit Will No Longer Accept USD Deposits.

Numerous cryptocurrency exchanges have restricted or halted USD payments, perhaps because of compliance or regulatory reasons. This could make it more challenging for consumers to deposit and withdraw USD from these exchanges, which might cause some delays or disruptions in trading activities.

It is worth noting that Bybit suspension occurs at the same time as Silvergate decides to stop operating its payment network for digital assets, citing a lack of risk. The collapse of FTX in November 2022, however, resulted in significant regulatory pressure and market withdrawals. American banks are thus reducing their exposure to crypto assets.

As everyone knows that Silvergate Bank is a well-known banking partner for many cryptocurrency exchanges, so its decision to suspend its payment network could have a strong effect on exchanges that rely on its services.

Binance Has Decided to Halt All withdrawals & Deposits.

On February 8th, Binance reportedly stopped accepting any USD deposits or withdrawals from bank accounts. However, a small portion of Binance’s customers was only impacted by this suspension, and there was no formal justification for the decision. While many cryptocurrency exchanges have come under growing scrutiny from regulators in recent years, regulatory worries or compliance difficulties may likely have contributed to the suspension of USD transactions.

On March 2nd, Crypto.com ceased accepting USD payments made through Silvergate Bank. The decision by Silvergate Bank to stop its digital assets payment network may have a substantial effect on these enterprises as it is a well-known banking partner for many cryptocurrency exchanges and businesses that are tied to them.

Although many cryptocurrency exchanges and associated companies are subject to regulatory monitoring, regulatory worries or compliance difficulties may likely have played a part in Crypto.com’s decision to halt USD payments through Silvergate.

 

 

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.