OKCoin Temporarily Pauses USD Deposits Over Signature Collapse
Main page News, dollar, US Market, Banking, Cryptocurrency Exchanges

Cryptocurrency exchange OKCoin has paused USD deposits by wire and through the automated clearing house network, saying it doesn't want clients' deposits to get stuck.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

In a Twitter thread, OKCoin head, Hong Fang, said the exchange has also "temporarily paused" over-the-counter services as the platform used the now-collapsed Signature Bank as its primary USD bank for customer transactions.

Despite the limitations, the bank still processes withdrawals is USD. However, the processing pace will be subject to bank operation, Fang noted.

Coinbase Distances from Silvergate Bank Over 'Recent Developments'

The move comes shortly after New York state regulators closed Signature Bank, citing a "systemic risk." The watchdogs noted all depositors at the bank will have access to their deposits. However, investors in the bank will not be protected.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error