Bybit, a popular cryptocurrency exchange, recently announced that it will be discontinuing several of its Web3 products and services by the end of May. This decision is part of Bybit’s strategic shift in operational focus as it enters a new phase of growth and innovation.
Among the services being phased out are Bybit’s Cloud Wallet and Keyless Wallet, which will no longer be available after May 31, 2025. Users are urged to transfer all their assets, including tokens, NFTs, and inscription assets, to their Bybit Funding Account or Seed Phrase Wallet before the deadline to avoid any issues with delayed access or additional identity verification.
Bybit will also be shutting down several Web3 trading features at the end of May, such as the DEX Pro platform, Swap & Bridge service, and the NFT Marketplace. Users who fail to withdraw their NFTs in time may permanently lose access to their assets, as the platform will be taken offline and remaining assets will no longer be retrievable.
In addition to these changes, Bybit has already ended support for other offerings, including Inscriptions, NFT Pro, ApeX, Buy Crypto, and its Initial DEX Offering platform as of April 8. The company’s Web3 Points program will also be discontinued on April 28.
Despite the scale of the shutdown, some services will remain unaffected, such as the Airdrop Arcade, staking products, and decentralized applications (DApps). Seed Phrase Wallets will also continue to be fully operational.
Bybit refers to the decision as a proactive move to streamline its Web3 offerings and focus on delivering a more efficient and user-centric experience. The company believes that discontinuing multiple services will allow it to allocate resources more effectively and support long-term development within the onchain ecosystem.
For users of the Keyless Wallet, a private key export feature is expected to launch soon, enabling continued access to wallets through third-party platforms. Bybit emphasizes that it does not store users’ private keys and that once exported, the Keyless Wallet will be permanently deleted.
Bybit encourages all users to begin transferring their assets promptly and to ensure that their wallets contain sufficient gas tokens to complete transactions. Despite the discontinuation of certain services, Bybit aims to continue providing a reliable and secure platform for cryptocurrency trading and investment.
