Okcoin temporarily suspends accepting deposits in US dollars
The decision was made due to problems at the partner bank, Signature
13.03.2023 - 14:00
230
1 min
0
OKCoin, a U.S.-based crypto exchange affiliated with the much larger OKX, temporarily paused deposits of U.S. dollars following Sunday's failure of Signature Bank.
OKCoin CEO and OKX President Hong Fang — who commonly goes by Hong — announced the news on Twitter, saying Signature was OKCoin's primary U.S. dollar bank. It also paused over-the-counter services, such as quick and recurring buys.
U.S. authorities seized Signature yesterday to protect depositors, following last week's demise of Silvergate Bank. Both were key providers of banking services to the crypto industry.
Hong tweeted that OKCoin had no exposure to the Silvergate — the second-largest bank collapse in U.S. history — but said "we managed [the] Silvergate situation."
"Our team are working very hard on alternative channels and solutions in real time," Hong said, adding: "We've been through much worse times since our inception."
This material is taken from the website https://www.theblock.co.
Useful material?
Incidents
Roger Ver has been accused of not paying taxes
May 1, 2024
Mining
After the publication of the financial report, the company’s shares added 5%
Apr 30, 2024
Market
The commission had previously warned the developer of potential enforcement actions
Apr 29, 2024
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024