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.
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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.
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.
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