Crypto News

Bybit halts USD bank transfers amid speculation over Silvergate’s crypto banking network

Bybit exchange

Bybit, the fourth largest crypto exchange in the world, has suspended U.S. dollar bank transfers, citing “service outages from a partner.”

The exchange will also halt USD withdrawals via bank transfer from March 10, though users can still purchase cryptocurrencies using credit cards.

Bybit has not named the partner involved, but the suspension comes after California-based crypto bank, Silvergate Capital Corp., announced the shutdown of its Silvergate Exchange Network, an instant settlement banking service used by multiple crypto firms.

Silvergate’s announcement of regulatory challenges also resulted in other crypto firms, such as Coinbase, Gemini and, cutting ties with the bank. Bybit has yet to disclose the name of the partner involved in the service outage.


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