Bybit, the world’s fourth largest crypto exchange by volume, suspended U.S. dollar deposits and withdrawals via wire and bank transfers due to “service outages from a partner,” the company said Saturday in a blog post, without naming the partner.
See related article: Circle joins Crypto.com, Coinbase in cutting ties with Silvergate
The exchange said it will halt USD withdrawals via bank transfer from March 10 for the same reason, while adding that users can still purchase cryptocurrencies using credit cards.
Bybit did not reveal the name of the partner that caused the service outage, but the suspension follows California-based crypto bank Silvergate Capital Corp.’s announcement last Friday that it is shutting down the Silvergate Exchange Network, an instant settlement banking service that was used by multiple crypto firms.
Bybit had not responded to Forkast’s email request for the name of the partner involved by the time of publication.
Last week, Silvergate said in a filing that it is not able to meet the March 16 deadline to file its annual 10-K report, which shows the financial performance of a publicly traded company, to the U.S. Securities and Exchange Commission, due to business and regulatory challenges.
Silvergate said on Thursday it was evaluating “its ability to continue as a going concern,” which resulted in multiple cryptocurrency service providers, such as Crypto.com, Coinbase, Gemini and others, cutting ties with the embattled bank.
Silvergate previously provided banking services to Sam Bankman-Fried’s now-bankrupt FTX exchange. The company posted a net loss of US$949 million last year according to its earnings report released in January.
See related article: Ethereum core developers delay Shanghai hard fork to early April
Mad Money or a mad call?
The last few weeks have been rocky, with the collapse of Silicon Valley Bank, and the crypto-heavy Silvergate and Signature banks, dominating the headlines. For a short time, it seemed that the contagion would spread to the global financial giants. Now, however, it appears that we’ve managed to avoid a true banking crisis – and Raymond James’ chief investment officer Larry Adam has pointed out several reasons why. For starters, Adam notes that Credit Suisse, despite its troubles, found a way out
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