Crypto.com Suspends USD Transfers via Silvergate: What You Need to Know

The crypto landscape is constantly evolving, and recent developments regarding USD transfers through Silvergate Bank have caused ripples throughout the industry. Now, according to the latest announcement, the Crypto.com exchange has suspended USD deposits and withdrawals via Silvergate.

Why is Crypto.com Suspending USD Transfers?

While the exact reasons are multifaceted, the suspension appears linked to broader issues surrounding Silvergate Bank. Silvergate has been under scrutiny after failing to file its annual report on time. The delay in filing the report raised concerns, as the bank\'s stability has been questioned.

Bybit Also Suspends USD Payments: A Wider Trend?

Crypto.com isn\'t the only exchange affected. 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 Bybit suspends USD payments via bank transfer. USD payments suspension impacts both national and international bank transfers. Bybit will also pause USD withdrawals. Cryptocurrency exchange platform Bybit is temporarily suspending US dollar-denominated deposits and withdrawals through bank transfers, including SWIFT payments. Bybit has suspended USD deposits via bank transfer due to service outages from our partner. Effective immediately, USD deposits via Wire Transfer (SWIFT) and Wire Transfer (For US," indicating a potentially wider issue with Silvergate impacting various exchanges.

What This Means for Crypto Users

The suspension of USD transfers can create inconvenience for users who rely on these methods for funding their accounts and withdrawing funds. It highlights the importance of understanding the risks associated with financial institutions involved in the cryptocurrency space. Consider exploring alternative deposit and withdrawal methods while these issues are resolved.

Moving Forward

It remains to be seen how long these suspensions will last. Monitor official announcements from Crypto.com, Bybit, and Silvergate for updates. Users should also research alternative banking solutions and payment methods to mitigate potential disruptions in the future. Stay informed and be proactive in managing your crypto assets during these uncertain times.