On March 4, 2023, Bybit, a Dubai-based crypto firm, discontinued its United States dollar (USD) deposits through bank transfers, on account of “service outages from a partner.” It is believed that fund-oriented wire transfers will be available till March 10, 2023, as stated by Cointelegraph.
According to Cointelegraph, Bybit stated that withdrawals are scheduled to take place using Advcash Wallet. Earlier, the exchange claimed that users’ funds are “safe and secure,” and requested clients to make USD-based withdrawals “as soon as possible to avoid potential disruptions.”
Based on information by Cointelegraph, Bybit is one of the companies related to crypto lender Genesis Global Trading. Insights provided by Ben Zhou, CEO, Bybit, mentioned that the relation with Genesis amounts to $150 million, using its investment arm called Mirana Asset Management. Zhou further highlighted that collateralisation took place for $120 million worth funds, which were liquidated, along with client funds being channeled into separate accounts.
Moreover, Cointelegraph noted that the development comes post Silvergate Bank’s announcement of halting its digital assets’ payment network, due to a “risk-based decision.”
(With insights from Cointelegraph)
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