Bybit suspends USD bank transfers amid partner-side service disruptions

The cryptocurrency exchange Bybit has suspended accepting deposits in USD via the SWIFT system and bank transfers (for American financial institutions). The move was attributed to “service disruptions on the partner’s side”.

Notice on Suspension of USD Payments via Bank Transfer

You may continue to make USD deposits via the Advcash Wallet, or buy cryptocurrencies with your credit card on our One-Click Buy page.

More details here: https://t.co/Roae3T4pYJ#Bybit #TheCryptoArk pic.twitter.com/XAUI2AeDJC

— Bybit (@Bybit_Official) March 4, 2023

The company said that users can make USD deposits through Advcash wallets or buy cryptocurrencies with a credit card.

USD withdrawals via SWIFT and bank transfers were available until March 10, 2023.

“If you want to withdraw USD as quickly as possible, please do so as soon as possible to avoid potential disruptions that may arise from the prevailing circumstances,” the platform said.

The company also noted that it would soon enable withdrawals via Advcash.

Bybit is one of the largest creditors of Genesis Global, which filed for bankruptcy. Co-founder and CEO Ben Zhou said the situation surrounding the crypto-lending platform would not negatively affect the exchange’s core business.