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. 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. (forkast)

Users will still be able to make withdrawals via Wire Transfer (SWIFT) and Wire Transfer (For US bank) until Mar 10.

Dubai-based crypto exchange Bybit has suspended United States dollar (USD) deposits via bank transfers in response to "service outages from a partner". Funds can be withdrawn through wire transfers until March 10. 

Ben Zhao, the founder of crypto exchange Bybit, took it to Twitter to address concerns raised over the company’s exposure to the now-bankrupt crypto lender Genesis Global Capital.

Genesis Global, a prominent crypto lender, filed for Chapter 11 bankruptcy protection in New York on Jan. 20, becoming the latest company to declare bankruptcy in the wake of FTX's collapse. However, the focus of the crypto community has shifted towards other crypto firms that had exposure to the lending firm.

The Dubai-based platform announced the launch of a Merkle Tree-based proof-of-reserve system to enable users to verify their assets deposited into the exchange as well as Bybit’s holdings.

Bybit has rolled out a system that will allow its customers to verify the crypto assets that the crypto exchange platform holds in its reserves, the company announced last week.

Cryptocurrency exchange Bybit has announced upcoming changes to its know-your-customer (KYC) policy that will limit certain operations for unverified customers. The stricter requirements concern coin purchases with fiat money, NFT transactions, and withdrawal limits.

Users can verify the balance of their assets in exchange, balance and ownership of the wallet addresses, the reserve ratio, verification of wallet ownership

Crypto exchange Bybit will require updated Know-Your-Customer (KYC) verification checks for various products from Dec. 15.