ByBit exchange seeks alternative solution amid banking service outages from partner

To fight against the ongoing challenges of banking services outages, the ByBit crypto exchange is looking for alternative options to help customers.

ByBit is an averagely popular crypto exchange. This exchange was launched in 2018 & headquartered in Dubai, United Arab Emirates. Exchange is holding more than 10 million users globally.

On 4 March 2023, the ByBit exchange announced that USD deposits via Wire Transfer (including SWIFT) will be temporarily unavailable citing service outages from our end-point processing partner.
Exchange also confirmed that withdrawal via Wire transfer will be suspended by midnight of 10 March, so suggested customers complete the necessary withdrawal transaction before 10 March.

That ByBit’s announcement failed to explain the proper reason why the exchange suspended USD deposit & withdrawal services and also failed to provide any information about its relationship with Silvergate Bank, now a financially struggled Bank.

To fight against the current banking service outage, ByBit suggested customers use credit/debit card payment to buy cryptocurrencies or deposit funds with the use of Advcash Wallet.

Around a month ago, we reported that several new crypto startups failed to get a banking partner in the United States (US), while no one bank was forced to stop providing any service to the crypto companies.
Many people noted that all the US-based Banks face regulatory pressure over their banking services exposure with crypto companies.

Three days ago, Silvergate Bank announced that the company will take two more weeks for its 10k filing. Silvergate also confirmed that in the 2022 financial report, the company will show significant loss, as majority of its crypto partners financially struggled in the last year.

Read also: Tether hits back against WSJ report over alleged fake documents for Banking services