The Oct. 30 announcement comes as users report their cards blocked for compliance reasons and deposits frozen for weeks
By Zoran Spirkovski
Editor Hamza Tariq
Updated
3 mins read
Bybit announced on Oct. 30 an expanded partnership with Thredd to scale its multi-currency crypto-linked debit card program across key global markets.
The collaboration supports the regional rollout of the Bybit Card, which bridges digital assets and everyday payments through virtual and physical payment cards.
According to the announcement, the partnership leverages Thredd’s infrastructure for card issuing, wallet tokenization, localized BIN issuance, and real-time card control features.
Bybit issues virtual and physical Visa and Mastercard payment cards, enabling users to spend crypto holdings as fiat in real-time.
The cards integrate with Apple Pay, Google Pay, and Samsung Pay, and they have over 2 million users worldwide.
Multiple users across different periods reported on Reddit that their Bybit Cards were permanently blocked for unspecified compliance reasons, with complaints dating back to late 2022.
Users stated they received messages reading, “Your Bybit Card has been permanently blocked due to compliance reasons,” with no further explanation provided.
The messages concluded that no appeals or further correspondence regarding the decision would be entertained.
Cases of frozen funds ranging from hundreds to tens of thousands of euros appeared across multiple Reddit threads over two years.
In a February 2025 case, one user described a 40-day dispute attempting to resolve a negative balance of $1.86 after their account was restricted on Feb. 22.
Bybit support repeatedly instructed them to top up their card despite the account restriction preventing this action.
On Sept. 6, 2024, a deposit of €10,000 remained inaccessible for over 20 days, while another user reported in October 2025 that a €29,000 deposit had not appeared in their account.
One Feb. 5, 2024, case involved withdrawal restrictions that remained unresolved 13 days later with no contact from support.
These issues persist despite ongoing Bybit achievements, such as the recent UAE regulatory approval from the Securities and Commodities Authority announced in early October 2025.
In June 2025, users on Reddit alleged the platform’s cashback reward program employs deceptive practices.
One user detailed how the 10% advertised rate requires a $25,000 minimum monthly spend but caps rewards at $600 monthly, resulting in an effective maximum rate of 2.4%.
A complaint from late 2022 reported missing 5% travel cashback rewards, with support tickets going unanswered for weeks.
A user reported on Oct. 28 that the platform blocked all accumulated reward points after months of using the Bybit Card for daily and travel expenses, including bookings, medicines, gifts, and travel payments.
The user stated that Bybit claimed the account violated campaign rules but refused to specify what transactions were irregular or provide any clarification despite multiple requests.
Support responses were described as generic messages stating the decision was permanent with no appeals allowed.
Coinspeaker reached out to Bybit and Thredd for comment on the user complaints. Any responses received will be added to this article.
Bybit serves over 70 million users globally and ranks as the world’s second-largest cryptocurrency exchange by trading volume. The Bybit Card represents one of several crypto debit card options demonstrating how crypto debit cards work to enable real-world spending of digital assets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
