Crypto Exchange Bybit has announced that it will end a wide range of its WWEB3 products and services at the end of May, according to a notification of 16 April.
The stock market said that the decision is part of a shift in its operational focus, because it is going into a new phase of growth and innovation.
Services ended
Among the services that are being phased out are the cloud wallet of Bybit and the Keyless wallet, both of which will not be available after 31 May 2025.
Users are encouraged to transfer all assets, including tokens, NFTs and inscription assets, from these portfolios to their Bybit financing account or seed monitor wallet before the deadline. If you do not do this, this may lead to delayed access and require additional identity verification.
Various Web3 trading functions will also be closed at the end of May, including the Dex Pro platform from Bybit, Swap & Bridge Service, and the wider NFT market will be stopped.
Marketplace users who do not withdraw NFTs on time can permanently lose access to their assets, because the platform is taken offline and the remaining assets can no longer be collected.
In addition to these changes, Bybit has already put an end to the support for various other offers, including inscriptions, NFT Pro, Apex, Crypto Buy and its Initial Dex offer (IDO) platform from 8 April.
The Web3 Points program of the company will also be stopped on 28 April.
Stream frame are focus
Despite the scale of the closure, some services remain unaffected. Users still have access to the AirDrop arcade, strike products and decentralized applications (Dapps). Wallets from seeds also remain fully operational.
Bybit has framed the decision as a proactive step to streamline its web3 offer and to concentrate on delivering a more efficient and user-oriented experience. The company said that stopping multiple services would enable it to concentrate resources and to support the long-term development within the onchain ecosystem.
For users of the Keyless Wallet, a private key export function is expected to be launched soon, making continuous access to portfolios possible through platforms from third parties. Bybit repeated that it does not store the private keys of users and once exported, the Keyless wallet is permanently removed.
The company encouraged all users to immediately start assets transfers and to ensure that their portfolios contain enough guest drivers to complete transactions.
