In a official announcement Dubai-based CEX Bybit refers to the halt to USD deposits. Due to “service outages at a partner”, deposits in US dollars (USD) via bank transfer will be temporarily suspended. However, withdrawals from USD via bank transfer are possible until March 10th. Of course, Bybit offers its users alternatives such as depositing USD via the Advcash wallet or by credit card. But why stop the bank transfers with USD? What’s behind it?
“You will still be able to make withdrawals via Wire Transfer (SWIFT) and Wire Transfer (For US bank) until Mar 10, 2023, 12AM (midnight) UTC. Note: If you wish to withdraw USD at short notice, please do so as soon as possible to avoid potential disruptions that may occur due to prevailing circumstances.”
Bybit: What happened and why is everything half as bad?
Dubai-based crypto exchange Bybit has now temporarily suspended U.S. dollar (USD) deposits via bank transfer. Bybit nevertheless emphasizes that customer funds are safe and secure, but explicitly asks users to carry out planned withdrawals of USD as soon as possible in order to prevent any disruptions.
Bybit is also one of the companies that has strong ties to crypto leding platform Genesis Global, which filed for Chapter 11 bankruptcy in January. Nevertheless, according to official information, all of the company’s funds are safe and all customer funds are in segregated accounts.
Nevertheless, such incidents happen again and again. Only on January 25 Bybit announced the stop of euro payments, due to unexpected service interruptions at a partner. All of the FUD that we face day in and day out in the digital currency market is simply an occurrence that happens over and over again.
Bybit is a Dubai-based crypto exchange founded in 2018. The company offers cryptocurrency trading for private and institutional customers. Bybit specializes in trading derivatives, futures and options on cryptocurrencies are part of the repertoire. The platform has an intuitive user interface and offers extensive trading tools that professional traders also prefer to use. Consequently, Bybit has grown into one of the leading CEX in the world in a short period of time – currently leading CoinMarketCap the CEX ranks 3rd after weekly visits, behind only Binance and Huobi.
Bybit follows Silvergate, Binance & Co.
On March 3rd, crypto bank Silvergate announced that it would shut down its payment network for digital assets. The decision was made following a risk assessment, with a liquidity crisis and possible bankruptcy looming after Silvergate delayed filing the financial report. Several leading crypto companies have now dropped their partnership with the bank. Silvergate’s payments network has been of tremendous importance as it has acted as a key fiat ramp in the digital currency market.
Last month, Binance also announced that it was temporarily suspending US dollar deposits via wire transfer. Binance’s partner, Signature Bank, only wanted to process transactions from users with USD bank accounts over $100,000. This also happened in the course of a desired reduction in connections to the digital currency market, some US banks are turning away from cryptos again due to the threat of regulation.
The trend seems clear – the stricter regulation by the SEC and the hardly calculable approach of SEC boss Gary Gensler make preventive measures for many crypto service providers an elementary condition if you want to survive the crypto winter.
Crypto presales with 10x potential in March 2023
Anyone looking for attractive opportunities despite all the turmoil in the digital currency market could also consider crypto presales. Because in the past one or the other multiplication of the initial investment beckoned. Two exciting cryptos with bullish momentum:
Fight Out (FGHT): Fight Out is an innovative move-2-earn coin that aims to connect high-quality gyms with a virtual metaverse in the future. A variety of options are created here to take part in video workouts, receive individual training plans, compete in game mode with your own avatar or earn rewards. The idea that the virtual avatar in the metaverse corresponds to your own progress in training is particularly innovative. If you train harder, you can earn more rewards.
C+Charge (CCHG): The environmentally friendly cryptocurrency C+Charge introduces emission credits into the market for e-mobility and finally wants to make private individuals and drivers of electric vehicles profit too. To do this, you connect a transparent charging network with emission credits as a reward – all via the intuitive Web3 app.
Author: Daniel Robrecht
After studying law and management, Daniel decided to work as a freelance author and has been writing qualitative publications on various specialist topics for around 10 years now. As an investor, he gained years of experience with stocks & cryptocurrencies. In addition to a long-term investment approach, Daniel is also passionate about short-term markets. Through targeted further training at international universities, he has acquired extensive knowledge about the capital markets, stocks, cryptocurrencies and decentralized finance. Daniel’s primary focus is on general market trends, exciting stocks, business news and the digital currency market. In his private life, too, there is never a day without the financial markets. As an author, Daniel writes for leading German-language publications in this field. Daniel publishes for Finanzen.net, among others, Business2Communityand FXStreet.de. Daniel on LinkedIn.
“Investing is speculative. When investing, your capital is at risk. This website is not intended for use in any jurisdiction where the trading or investment described is prohibited and should be used only by persons and in ways permitted by law. Your investment may not be eligible for investor protection in your country or country of residence. So do your own due diligence. This site is available to you free of charge, however we may receive commissions from the businesses we feature on this site.”
