Bybit crypto exchange by volume has suspended U.S. dollar deposits and withdrawals via wire and bank transfers due to “service outages from a partner,” according to a blog post by the company.
While Bybit did not name the partner that caused the outage, the suspension follows the shutdown of the Silvergate Exchange Network, an instant settlement banking service used by multiple crypto firms, by California-based crypto bank Silvergate Capital Corp.
Silvergate announced last week 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.
The embattled bank’s announcement resulted in multiple cryptocurrency service providers, such as Crypto.com, Coinbase, Gemini and others, cutting ties with it.
Bybit will halt USD withdrawals via bank transfer from March 10 for the same reason. However, users can still purchase cryptocurrencies using credit cards.
The exchange had not revealed the name of the partner involved at the time of publication, and had not responded to Forkast’s email request for the name of the partner.
Silvergate previously provided banking services to Sam Bankman-Fried’s now-bankrupt FTX exchange, and posted a net loss of US$949 million last year according to its earnings report released in January.