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Bybit Suspends US Dollar Deposits and Gives a Deadline for Withdrawals

2 mins
Updated by Harsh Notariya
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In Brief

  • Bybit exchange announced the suspension of USD payment via bank transfers (SWIFT).
  • It will pause USD withdrawals from Mar. 10, 2023, 12 AM UTC.
  • Last month, Binance suspended USD transfers.
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The crypto exchange Bybit has paused US Dollar (USD) deposits due to “service outages” from partners. Is it the latest victim of Operation Choke Point?

Bybit exchange announced the suspension of USD payment via bank transfers and gave a deadline to withdraw USD by Mar. 10, 2023, 12 AM UTC. The exchange will terminate the USD withdrawal via Wire Transfer (including SWIFT).

However, the deposits will work through the Advcash wallet, and Bybit users can buy cryptocurrencies through credit cards.

Does Bybit Have Ties With Silvergate?

Bybit claims the suspension is due to “service outages” from the end-point processing partner. Coincidentally, Silvergate shut down the Silvergate Exchange Network (SEN) this Friday. SEN allowed traders to move USD between their bank accounts and exchanges as long as the exchange and the trader had accounts at Silvergate.

The community questions if Bybit used SEN for USD payments.

The Operation Choke Point

Before Bybit, Binance announced a temporary suspension of USD transfers on Feb. 8. After last year’s events, such as the collapse of FTX, Celsius, Voyager, etc., the US regulatory authorities have seemingly ignited operation Choke Point 2.0.

Operation Choke Point was a crackdown by the US regulators on “high-risk” companies in 2013. It was a rogue operation that cut down the banking access of the companies related to firearms, drugs, loans, etc. The Venture Capitalist Nic Carter believes the government has launched a similar crackdown on the crypto companies since Jan. 3.

Screenshot of Nic Carter Operation Choke Point 2.0 article
Source: Pirate Wires

On Jan. 3, the US regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), issued a joint statement to the banks. The report warned the banks with crypto exposure to align with “safe and sound banking practices.”

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.