US dollar funds can be withdrawn through wire transfers until March 10, the crypto exchange said, citing partner disruptions.
via its investment arm Mirana Asset Management. A total of $120 million of the funds were collateralized and had already been liquidated, according to Zhou. Moreover, he assured that all client funds go into separate accounts, and that Bybit's earn products do not use Mirana.payment network, claiming the termination is a"risk-based decision". The network was one of the major on- and off-ramps for USD in the American crypto industry.
Regulatory pressure and market outflows following the dramatic collapse of cryptocurrency exchange FTX in November 2022 are driving U.S. banks to reduce their exposure to cryptocurrency assets.
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