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Bybit Halts USD Bank Transfers After Institutional Expansion Plans

Bybit is halting USD bank transfers just days after Silvergate announced the suspension of its crypto payments network.

Image credit: Kai Pilger on Unsplash

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Bybit has halted USD bank transfers just days after announcing plans to expand its offerings to institutions.

The Dubai-based cryptocurrency exchange made the announcement on Saturday, citing  "service outages from a partner." Bybit did not reveal the name of the partner but the news comes just days after Silvergate announced the suspension of its crypto payments network. Silvergate also announced that it would need to review its books with auditors and accounting firms, and that it would delay filing its annual 10-K filing.

"We have temporarily suspended USD deposits via Wire Transfer (including SWIFT) due to service outages from our end-point processing partner until further notice," Bybit stated.

Wire transfers, including SWIFT, will also be suspended on the platform from 10 March 2023.

"If you wish to make any withdrawals via these methods, please do so before Mar 10, 2023, 12AM (midnight) UTC," Bybit advised.

Users can continue to deposit and withdraw through other methods. “Please rest assured that the USD assets you hold in Bybit are safe and secure,” Bybit reassured. “Our platform has undergone strict security measures to ensure the safety of all user funds.”

Institutional woes

On Thursday, Bybit announced a partnership with institutional digital asset trading technology provider Talos to expand institutional access.

According to a press release, the partnership will enable Bybit to streamline access for institutions looking to enter the crypto markets via the Talos platform.

Read more: Bybit, Talos Expand Offerings to Institutional Clients

Talos offers a trading infrastructure that is suitable for institutional use. The company also provides services ranging from trading to portfolio and settlement tools. Their solutions are available directly or through white-label partners globally.

Whilst crypto firms are eyeing the institutional space, the crypto appetite of traditional finance players has been mixed.

Moonstone Bank revealed it is exiting the crypto space, whilst Signature Bank is reducing its crypto exposure.

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