- OKCoin exchange has temporarily suspended USD deposits on its platform in response to the Signature Bank fiasco.
- CEO Hong Fang reassured clients that their corporate and customer funds remained safe.
- Critical functions such as cryptocurrency withdrawals and deposits remained unaffected.
Cryptocurrency exchanges are grappling with the effects USDC depeg-induced collapse Silicon Valley Bankqualifiers. Among them is OKCoin, a well-established cryptocurrency exchange that has stopped USD deposits and OTC trading.
OKCoin, the US-based cryptocurrency exchange affiliated with OKX, has temporarily suspended deposits in US dollars in response to the recent failure of signature bank. OKCoin CEO and Chairman of OKX Hong Fang went on to Twitter to share news.
What is paused @tweet:
– USD deposit by wire transfer and ACH are paused immediately. We don’t want your deposit to be held up
– Over-the-counter services will also be paused (aka quick buy and repeat buy)
– Hong (@hfangca) March 13, 2023
Fang stated that while some services on the exchange have been temporarily suspended, she has reassured customers that many essentials, such as cryptocurrency withdrawals and deposits, remain unaffected. Order book trading, EU deposit and USD withdrawal services also work, all corporate and customer funds are safe.
While Fang reiterated that many items are still working, the processing speed of these services is subject to the bank’s process, and customers may experience delays. Despite these challenges, OKCoin works tirelessly to ensure the safety and accessibility of its customers’ funds.
OKCoin prioritizes accessibility and security of customer funds
Hong Fang confirmed that OKCoin was not affected by the recent Silicon Valley bank collapse, which is the second largest bank collapse in US history. However, they did state that they were closely monitoring the situation with the New York State Department of Financial Services and Signature Bank.
1 / @tweet The situation was closely monitored with @tweet & Signature Bank.
The most important thing is that all customer funds are safe! 💪
Here’s what happens. ⤵️
– Okcoin (Okcoin) March 13, 2023
Hongfang revealed in her tweet that OKCoin has been actively exploring alternative channels and solutions in real time and reassured customers that the exchange has been going through much worse since its inception.
Our team is working hard on alternative channels and solutions in real time
We’ve been through much worse times since we started. If this weekend told us anything, it’s the importance of the future we’re building. Our commitment to you has not changed
– Hong (@hfangca) March 13, 2023
on the flip side
- The temporary suspension of USD deposits by OKCoin is a precautionary measure in response to the recent failure of Signature Bank. It is not necessarily an indication of any problems within OKCoin itself.
- Despite the challenges caused by the USDC crash, OKCoin remains committed to ensuring the safety and accessibility of its clients’ funds.
- OKCoin’s commitment to transparency and communication, as evidenced by CEO Hong Fang’s tweet, is a positive sign for customers
Why should you bother
Given the recent failure of Signature Bank, the temporary suspension of USD deposits by OKCoin, one of the well-established cryptocurrency exchanges, highlights the vulnerability of cryptocurrency exchanges in the face of the financial instability of traditional banks.
Stay on top of the latest developments from the Silvergate and Silicon Valley meltdown:
Cryptocurrency Banking Canceled: Impact of Signature, Silvergate, and Silicon Valley Bank Collapses
Hongfang isn’t the only CEO talking about the Silicon Valley bank. Read about it here:
Ripple CEO Brad Garlinghouse Reveals Silicon Valley Bank Ties
