Bybit suspends bank transfers in dollars

06.03.2023

The exchange said it would stop withdrawing U.S. dollar funds via wire transfer beginning March 10 for the same reason, adding that users could still purchase cryptocurrencies with credit cards.

Bybit did not disclose the name of the partner causing the outage, but the suspension follows the announcement last Friday by California-based cryptobank Silvergate Capital Corp. that it was shutting down Silvergate Exchange Network, an instant settlement banking service used by many cryptocurrency firms.

Last week, Silvergate said in a statement that it would be unable to meet the March 16 deadline to file its 10-K annual report, which shows the publicly traded company’s financial performance, with the U.S. Securities and Exchange Commission because of business and regulatory problems.

On Thursday, Silvergate said it was assessing “its ability to continue as a going concern,” leading numerous cryptocurrency service providers such as Crypto.com, Coinbase, Gemini and others to sever ties with the bank in trouble.

Silvergate previously provided banking services to the bankrupt FTX exchange. The company posted a net loss of $949 million last year, according to a profit and loss statement released in January.