AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
Depositing and withdrawing US dollars on the Bybit exchange has become a lot easier now. Bybit has partnered with StraitsX, the global stablecoin-native settlement layer to offer SWIFT-based US dollar transfers, enabling institutional-grade, secure and efficient USD operations on your account. In this article, we’ll cover the key details of the new functionality — how to deposit and withdraw USD on Bybit via StraitsX, and how this benefits you as a crypto trader.
Key Takeaways:
Bybit has partnered with the StraitsX institutional-grade regulated digital payments provider, so we can now offer you a seamless and flexible way to deposit and withdraw USD directly to and from your trading account.
Transfers using the StraitsX payment method leverage the widely used SWIFT banking system, making on-ramping and off-ramping of your funds easier than ever.
You can also take advantage of the direct 1:1 conversion from USD to XUSD (coming soon), which is a regulated, highly compliant and fully fiat-backed USD stablecoin issued by StraitsX.
Bybit, the world’s second-largest cryptocurrency exchange by trading volumes, has entered into a partnership with StraitsX, a Singapore-based provider of digital payment infrastructure and solutions for fintechs and enterprises. This collaboration enables US dollar deposits and withdrawals via the ubiquitously popular SWIFT transfer system. As a Bybit user, you can now deposit and withdraw fiat funds in USD via the StraitsX-provided payment option, making on-ramping and off-ramping a breeze.
Here’s how you can take advantage of StraitsX to seamlessly deposit USD to your Bybit trading account:
Step 1: From the Bybit App (in the footer), click on Assets in the bottom navigation bar.
Step 2: Click on the Deposit icon, and you’ll be redirected to a new screen where you can select the payment method.
Step 3: Under Buy Crypto with Fiat, click on Depos›it USD.
Step 4: Select SWIFT as your payment method.
Step 5: Enter your payment amount in USD. Check the Terms of Service if you agree, and click on Continue. Confirm the deposit amount and transaction notice.
Step 6: You’ll be shown the receiver’s bank account details and a unique reference code. Take note of the reference code, as you’ll need to include it in the transfer notes when making payments to ensure efficient processing.
Step 7: Open your banking app or online banking platform.
Step 8: Initiate a SWIFT transfer to the provided account.
Deposits typically take between zero to two business days to reflect in your Bybit account, depending upon your bank.
To withdraw funds in USD from your account using StraitsX, follow these steps:
Step 1: From the home page, go to Assets → Funding
Step 2: In the tab, click on Fiat and select USD as your withdrawal currency
Step 3: Enter your withdrawal amount in USD
Step 4: Choose SWIFT as your payment method
Step 5: Complete two-factor authentication (2FA) verification, and confirm your withdrawal
Withdrawals will take around zero to two business days to process, depending upon your bank.
A few important things to note with regard to StraitsX transfers:
In order to avoid processing delays, the name on your bank account should match that on your Bybit account.
SWIFT transfer fees apply. For more information, please refer to Bybit’s page on fiat deposits.
This service may not be available in restricted regions.
Select USD as the fiat currency.
The fees will show up under the Payment Method.
You can follow the deposit or withdrawal instructions on the page at the above link.
StraitsX is a stablecoin-native settlement layer driving global finance, offering solutions for cross-border payments and stablecoin operations. It enables businesses worldwide to process payments both in fiat currencies and fiat-backed stablecoins. The company issues three stablecoin cryptocurrencies: the USD-backed XUSD, the Singaporean dollar-backed XSGD and the Indonesian rupiah-backed XIDR.
StraitsX is the first fintech entity to obtain the approval of Singaporean financial authorities to issue private, fiat-backed stablecoins (with the launch of XSGD back in 2020). In 2024, StraitsX debuted the XUSD stablecoin to facilitate compliant, institutional-grade digital payments supported by a US dollar–backed stablecoin asset.
By being active both in the SWIFT-based fiat system and the niche of stablecoin-based digital payments, StraitsX bridges the gap between the traditional finance and crypto finance worlds.
Using StraitsX offers numerous advantages on Bybit:
Seamless USD deposits and withdrawals via SWIFT: This greatly simplifies crypto on-ramping and off-ramping.
High limits with faster processing times: Traditional transfers using SWIFT are known to be inflexible and time-consuming, especially with international transfers. In contrast, the StraitsX offers high transfer limits and is directly integrated into your Bybit account, making payments both efficient and rapid.
Reliable and secure transfers: By leveraging StraitsX, you get access to a highly secure, institutional-grade payment system.
Easy conversion from USD to XUSD at a 1:1 ratio for maximum flexibility: Using StraitsX allows you to take advantage of direct exchanges between your fiat funds and the company’s flagship stablecoin, the fiat-backed XUSD.
The partnership between Bybit and StraitsX marks a significant step forward in simplifying USD deposits and withdrawals for Bybit users. By leveraging the SWIFT system through StraitsX’s institutional-grade payment infrastructure, Bybit users can now enjoy seamless, secure and efficient fiat transactions directly from their trading accounts.
Whether you’re off-ramping profits or on-ramping funds to trade, StraitsX’s integration with Bybit offers a reliable and streamlined solution. Start your crypto journey by depositing with Bybit now!
#LearnWithBybit