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Bybit Becomes Latest Crypto Exchange to Suspend USD Bank Transfers – What's Going On?

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Bybit, one of the largest cryptocurrency exchanges in the world, has announced the suspension of USD deposits via bank transfer due to "service outages from a partner.""We have temporarily suspended USD deposits via Wire Transfer (including SWIFT) due to service outages from our end-point processing partner until further notice," the crypto exchange said in a Saturday announcement.Bybit added that withdrawals via Wire Transfer (including SWIFT) will also be suspended starting Mar 10, 2023, due to the same end-point processing partner. "If you wish to make any withdrawals via these methods, please do so before Mar 10, 2023, 12AM (midnight) UTC," it stated.

Other deposit or withdrawal methods remain operational, the exchange said, noting that users can buy cryptocurrencies with credit cards on the One-Click Buy page.

The Dubai-based cryptocurrency exchange also said it would launch an Advcash wallet withdrawal service to expedite the user experience. “Please rest assured that the USD assets you hold in Bybit are safe and secure,” Bybit said. “Our platform has undergone strict security measures to ensure the safety of all user funds.” Bybit did not disclose the identity of the partner experiencing outages.The halt comes just a day after troubled crypto bank Silvergate revealed plans to discontinue its digital assets' payment network, claiming the termination is a "risk-based decision".

The network was one of the major on- and off-ramps for USD in the American crypto industry.It is worth noting that Binance, the world's largest cryptocurrency exchange, has also made a similar announcement recently.

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