After Binance’s decision to halt the transfer of dollars, another company, Bybit, has announced restrictions on USD deposits starting from March 10. According to reports, these restrictions will be temporary.
In a statement released last Saturday, the Singapore-based company informed its users that it would disallow all Wire transfers and SWIFT transactions for an indefinite period. Bybit assured its customers of full transparency and a high level of security and advised them not to worry about their funds. The users can still use the deposit and withdrawal functions of the company.
A spokesperson from Bybit has informed us that people can still buy cryptocurrencies without any restrictions. Additionally, they stated that the company is doing everything possible to reduce the inconvenience caused by this decision.
Currently, many countries are struggling to formulate concrete policies on digital asset management recently, two banks in the United Kingdom have restricted cryptocurrency trading due to the associated risk factors.
The implications of Bybit’s decision are yet to be seen. However, customers were informed a week prior to the restrictions, allowing them time to process their transactions. Some users have expressed resentment against this decision because the company has instructed them to look for alternative options to perform their business.
In light of the disastrous collapse of the bitcoin exchange FTX last year, which angered regulatory officials in the US, Bybit and other financial institutions are under pressure to reassess their exposure to cryptocurrency and digital asset companies.
Bybit has assured its customers that their funds are safe and secure, so they do not have to worry about that. Additionally, Bybit plans to launch a wallet to enhance the customer experience. However, the trend of imposing restrictions in trade and other areas of service will likely discourage newcomers from entering this field.