- OKCoin exchange has temporarily suspended USD deposits on their platform in response 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 have remained unaffected.
Cryptocurrency exchanges have been grappling with the effects of the USDC depeg breakdown caused by Silicon Valley Bank‘s liquidations. Among them is OKCoin, a well-established cryptocurrency exchange that has halted USD deposits and over-the-counter trading.
OKCoin, a U.S.-based cryptocurrency exchange and affiliate of OKX, has temporarily suspended USD deposits in response to the recent failure of Signature Bank. The CEO of OKCoin and President of OKX, Hong Fang, went to Twitter to share the news.
Fang has stated that while some services on the exchange have been temporarily suspended, she reassured customers that several essential elements, such as crypto withdrawals and deposits, remain unaffected. The order-book trading, EU deposit, and USD withdrawal services are also operational, and all corporate and customer funds are safe.
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While Fang has reiterated that several elements are still operational, the processing speed of these services is subject to the bank’s operation, and customers may experience delays. Despite these challenges, OKCoin is working tirelessly to ensure the safety and accessibility of its customers’ funds.
OKCoin Prioritizing Accessibility and Safety of Customer Funds
Hong Fang confirmed that OKCoin had no exposure to the recent Silicon Valley Bank collapse, the second-largest bank collapse in U.S. history. Nonetheless, they have stated that they have been closely monitoring the situation with the New York State Department of Financial Services and Signature Bank.
In her tweet, Hong Fang revealed that OKCoin is actively exploring alternative channels and solutions in real-time and reassured customers that the exchange had been through much worse since its inception.
On the Flipside
- 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 depeg breakdown, OKCoin remains committed to ensuring the safety and accessibility of its customers’ funds.
- OKCoin’s commitment to transparency and communication, as evidenced by CEO Hong Fang’s tweet, is a positive sign for customers
Why You Should Care
Due to the recent failure of Signature Bank, the temporary suspension of USD deposits by OKCoin, one of the well-established cryptocurrency exchanges, highlights cryptocurrency exchanges’ vulnerability to traditional banks’ financial instability.
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Stay informed on the latest developments caused by the Silvergate and Silicon Valley collapses:
“Crypto Has Been De-Banked:” Impact of Signature, Silvergate, and Silicon Valley Bank Collapse
Hong Fang isn’t the only CEO talking about Silicon Valley Bank. Read about it here:
Ripple CEO Brad Garlinghouse Reveals Silicon Valley Bank Ties
