OKX-Affiliated Okcoin Pauses USD On-Ramp Due to Signature Bank’s Collapse

CEO Hong Fang tweeted that customer deposits are safe and USD withdrawals aren't affected.

AccessTimeIconMar 13, 2023 at 9:28 a.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
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Crypto exchange Okcoin has temporarily lost its ability to allow customers to deposit U.S. dollars because of Signature Bank’s (SBNY) collapse, according to a tweet by CEO Hong Fang on Monday.

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  • “Our team are working very hard on alternative channels and solutions in real-time,” Fang tweeted. “We've been through much worse times since our inception. If this weekend has told us anything, it's the significance of the future that we are building.”

    Okcoin is believed to be the first exchange to lose its ability – albeit temporarily – to process U.S. dollar deposits because of the current banking crisis.

    Across the industry, concerns are growing about the liquidity vacuum that the disappearance of the Silvergate Exchange Network and Signature’s competitor, Signet, as means to convert crypto into fiat and vice versa.

    Okcoin, available in the U.S., is the sister exchange to OKX, which isn't available in the U.S.

    OKX’s native token, OKB, appears to be unaffected by this news and is up 6.6% in the last 24 hours, according to CoinGecko.

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