Bybit Suspends USD Transfers Due to Partner’s Service Outage

Singapore-headquartered cryptocurrency exchange Bybit has put a stop to all deposits conducted via United States dollar USD transfers.

It is not known whether this is a temporary suspension or subject to change shortly. Bybit cited the service outages of a partner as the reason behind its decision. In the meantime, wire transfers via platforms like SWIFT will remain available until midnight of March 10th.

“We have temporarily suspended USD deposits via Wire Transfer (including SWIFT) due to service outages from our end-point processing partner until further notice,” also, “Withdrawals via Wire Transfer (including SWIFT) will also be suspended on Mar 10, 2023, midnight UTC due to the same end-point processing partner.”

All users who are still interested in making withdrawals through these platforms are hereby advised to do so on or before the said date. Advcash wallet would also be made available for USD deposits and at the same time, credit cards can be used. Bybit used this same medium to assure users of the safety of their funds as far as the window given is adhered to.

Bybit Suffers Loss in Crypto Winter

Bybit was one of the many crypto exchanges that had an adventurous time in 2022. After inking a multi-year deal with Formula 1 side, the official tech partner for Oracle Red Bull Racing, Bybit got hit by the crypto winter and joined the likes of Gemini Exchange and American cryptocurrency exchange Coinbase to retrench its staff. Approximately 30% of the company’s work base was affected by the sudden decision.

Chief Executive Officer (CEO) of Bybit Ben Zhou explained that “Our organization size had grown exponentially but the overall business growth did not grow in the same way. During the latest staff review, internal efficiency is still the biggest problem that Bybit has now. This means our operational efficiency has gotten worse despite our growing size. It’s evident that we haven’t utilized our fast-growing resources properly.”

In another six months, the firm got busy again, laying off staff but this time, Bybit cited market conditions as the prevailing factor at that time. No department in the company was left unaffected as the downsizing exercise cut across Bybit