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

346

1 min

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.

Author: