Bybit Denies Deposit Restrictions with Trust Wallet

The cryptocurrency exchange Bybit has officially denied rumors regarding issues with deposits from the non-custodial wallet Trust Wallet.

According to their statement, standard deposit operations are fully operational and proceed as usual.

«Bybit continues to comprehensively support deposits from Trust Wallet without any restrictions.»

The exchange’s team noted that in cases of potential risks or violations, they may selectively implement additional checks on transactions. This procedure is aimed at enhancing the platform’s security and safeguarding users’ assets.

«Currently, Bybit is developing guidelines for specific wallets, like Trust Wallet, which may impose restrictions on manual deposit verification. Our goal is to improve the efficiency of deposit verification,» Bybit representatives added.

The essence of the deposit issue with Trust Wallet was brought to light by the Telegram channel Cartesius channel, which shared the story of a trader known to them. This trader had been actively trading on Bybit, depositing funds from a verified account on another CEX and via Trust Wallet. The total value of his transactions exceeded 2.5 million USDT.

«At one point, when attempting to withdraw 10,000 USDT, the exchange froze the withdrawal and requested a security check, specifically asking for a video demonstrating how the user deposits funds into their account. The user recorded a video with their Trust Wallet, thereby fulfilling all compliance requirements,» the authors of the channel recounted.

According to them, the trader also verified the cleanliness of the assets using AML providers Elliptic and Crystal Blockchain, which indicated a 100% absence of risk.

«In response to all of this, the exchange’s compliance team came up with nothing more than stating that the funds were sourced from Trust, which is deemed unsafe, and suggested depositing from other sources. Their account remained frozen,» added the Cartesius channel.

The authors emphasized that the direct reference to Trust Wallet as the primary cause of the freeze compelled them to bring the story into the public eye. According to their information, approximately 200,000 USDT remains frozen on the user’s account.

Additionally, Cartesius channel and other experts pointed out that it is impossible to identify Trust Wallet addresses based solely on the public key.

Recall that in the summer of 2024, Bybit announced a thorough verification process for clients from Russia to comply with sanctions.

By February 2025, Russian users had become the primary source of traffic for the trading platform, accounting for 29% of total visits.