Bybit, one of the high-volume cryptocurrency exchanges, announced that it is suspending US dollar deposits via bank transfer due to service interruptions from its partners.
Cryptocurrency exchange Bybit suspends US dollar deposits
The Dubai-based cryptocurrency exchange reported that it is suspending US dollar deposits via wire transfer due to service disruptions from its partners. Currently, money investing transactions are available via Wire Transfer (SWIFT) and Wire Transfer (for US bank). The exchange did not disclose the name of the bank partner responsible for the service outage.
Users will be able to withdraw US dollars up to this date
Bybit shared that users can continue to deposit US dollars through Advcash Wallet or purchase cryptocurrencies with their credit cards from the One-Click Buy page. Users will be able to continue withdrawing funds via Wire Transfer (SWIFT) and Wire Transfer (for US bank) until 03:00 on the night of March 10.
Notice on Suspension of USD Payments via Bank Transfer
You may continue to make USD deposits via the Advcash Wallet, or buy cryptocurrencies with your credit card on our One-Click Buy page.
More details here: https://t.co/Roae3T4pYJ#Bybit #TheCryptoArk pic.twitter.com/XAUI2AeDJC
— Bybit (@Bybit_Official) March 4, 2023
In an official statement, Bybit assured its users that the US dollar deposits they hold on the platform are safe and secure. The cryptocurrency exchange goes through strict security measures to ensure the safety of all user funds.
Bybit also announced that it will launch its Advcash Wallet withdrawal service shortly to provide users with a better user experience.
Could it be something to worry about?
Suspension of US dollar deposits via wire transfer can be an inconvenience for some users, especially those who prefer to deposit large sums. Bybit advised users who want to withdraw US dollars from its platform to do so as soon as possible to avoid possible disruptions due to current conditions.
The suspension of US dollar deposits via wire transfer is a reminder of the difficulties faced by cryptocurrency exchanges, especially regarding banking partnerships. That said, Bybit’s quick response to service disruption and the assurance of the security of user funds are commendable.
Going to a new app for crypto withdrawals on Binance
Binance has prepared a withdrawal warning message in a new app that tries to prevent users from sending their crypto to scammers. The leading exchange, in collaboration with Hong Kong authorities, is launching a campaign to prevent fraud by issuing alerts targeting potential victims. The project, called the “Joint Anti-Fraud Campaign,” was originally launched in Hong Kong, and the company now plans to expand it to other jurisdictions.
Keeping our ecosystem and the #Binance community safe is at the core of what we do.
Which is why we partnered with law enforcement agencies across the globe to launch the Joint Anti-Scam Campaign.
Read on to see what it's all about ⤵️ https://t.co/q9LOtuZm2F
— Binance (@binance) March 3, 2023
According to Binance’s post, it collaborated with the Hong Kong Police Force’s Cybersecurity and Technology Crime Bureau to create a “warning and crime prevention message” targeting Hong Kong users. As part of the pilot project, when users try to withdraw money, warning messages will be sent to them informing them about scams and giving tips on how to avoid scams.
