Bybit, a Dubai-based cryptocurrency exchange, has announced that it will temporarily suspend US dollar (USD) deposits via wire transfers in response to “partner service outages.” According to a blog post on March 4, USD deposits via bank transfer are no longer available, but users can still make USD deposits via Advcash Wallet or with a credit card. Withdrawals via the Advcash Wallet are scheduled to be available soon, according to the exchange.

Bybit has reassured users that their funds are safe and secure, but urges clients planning to withdraw USD to do so “as soon as possible to avoid potential disruptions.” The outage comes just one day after Silvergate Bank announced plans to discontinue its digital asset payment network, which was one of the main on-ramps and off-ramps for USD in the US crypto industry.

Bybit is one of the companies with exposure to crypto lender Genesis Global Trading, which filed for Chapter 11 bankruptcy on Jan. 20. According to Bybit CEO Ben Zhou, the exposure amounts to $150 million through its investment arm Mirana Asset Management. A total of $120 million of the funds were guaranteed and had already been settled, according to Zhou. He also assured that all client funds go into separate accounts and that Bybit’s earning products do not use Mirana.

Regulatory pressure and market exits following the dramatic collapse of cryptocurrency exchange FTX in November 2022 are prompting US banks to reduce their exposure to cryptocurrency assets. Last month, Binance announced that it would temporarily suspend bank transfers of US dollars. In January, the exchange also said that its SWIFT transfer partner, Signature Bank, would only process transactions from users with USD bank accounts of more than $100,000. Signature Bank previously announced that it was slashing crypto deposits.

While Bybit has suspended USD deposits via bank transfer, users can still make deposits via Advcash Wallet or with a credit card. Bybit has assured users that their funds are safe and secure, but urges clients to withdraw USD as soon as possible to avoid potential disruptions. The outage comes amid regulatory pressure and market exits in the wake of the collapse of FTX and the bankruptcy of Genesis Global Trading.