News06 March 2023

Cryptocurrency exchange Bybit has suspended deposits in US dollars


This Saturday, the crypto exchange announced that withdrawals via electronic transfers will be suspended from March 10th.

Interestingly, this move by the exchange affected not only clients from the US, but everyone. Here's announcement:

"We have temporarily suspended US dollar deposits via bank transfers (including SWIFT) due to disruptions in the servicing of our endpoint processing partner until further notice," the exchange said, adding that withdrawals will be discontinued from March 10th.

If we dig a little deeper, the problem is not with the exchange's liquidity, but with processing, meaning the technical side of the issue, but this is according to the company itself. Perhaps they said this so as not to cause panic, but in any case, we won't speculate. We're here to clarify the situation for the residents of Gem City, that is, you :D.

Meanwhile, Marcus Tilan, head of research and strategy at Matrixport, believes there is a trend of crypto exchanges disconnecting from USD. After all, we remember that due to problems with creditor Silvergate, Binance also disconnected its dollar transfers a month ago.

Bitcoin dropped by a significant 10% back then, but Bybit is unlikely to have such a strong impact on Bitcoin, as the scale is different, but still...

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