• OKCoin has temporarily suspended USD deposits on their platform due to Signature Bank’s failure.
• CEO Hong Fang has reassured customers that their corporate and customer funds have remained safe.
• Crucial functions such as crypto withdrawals and deposits remain unaffected.
OKCoin Temporarily Pauses Deposits
OKCoin exchange has temporarily suspended USD deposits on their platform in response to Signature Bank’s failure. Cryptocurrency exchanges have been dealing with the fallout from the USDC depeg breakdown caused by Silicon Valley Bank’s liquidations, among them is OKCoin who have halted USD deposits and over-the-counter trading.
CEO Reassures Customers
CEO of OKCoin and President of OKX, Hong Fang, went to Twitter to share the news and reassure customers that their corporate and customer funds have remained safe. Crucial functions such as crypto withdrawals and deposits are also unaffected.
Elements Still Operational
The order-book trading, EU deposit, and USD withdrawal services are still operational despite certain services being paused temporarily. Processing speed may be affected due to the bank’s operations but OKCoin is working hard to ensure accessibility of customer funds remains intact .
No Exposure To Bank Collapse
Hong Fang confirmed that OKCoin had no exposure to the recent Silicon Valley Bank collapse, however they continue to monitor developments with both New York State Department of Financial Services (NYDFS) & Signature Bank closely.
Alternative Channels Being Explored
In her tweet, Hong Fang revealed that OKCoin is actively exploring alternative channels and solutions in real-time in order to ensure safety and accessibility of its customers‘ funds remain intact during this difficult period.