Affected by Signature Bank collapse, Okcoin pauses USD wire and ACH deposits, among other services


  • Okcoin has paused USD wire and ACH deposits and OTC services, among other platform offerings.
  • CEO Hong Fang: The move is a precaution against implications of Signature Bank collapse.
  • Customers can still withdraw USD and crypto.

Okcoin crypto exchange has paused USD deposits by wire transfer and ACH, citing exposure to Signature Bank, the Chinese exchange’s primary USD partner. Based on the announcement, crypto transactions by credit card, trading for all USD-crypto trading pairs, and over-the-counter (OTC) services will also be halted.

Okcoin reacts to Signature bank collapse

From the announcement, the temporary service changes follow the recent declaration that the New York Department of Financial Services (NYDFS) would be taking possession of Signature Bank. An excerpt from the official press release reads:

Superintendent Adrienne A. Harris announced today that the New York Department of Financial Services (DFS) has taken possession of Signature Bank, pursuant to Section 606 of New York Banking Law, in order to protect depositors. DFS appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of the bank.

In a joint statement by the US Treasury Department, the Federal Reserve Bank, and the FDIC, all Signature Bank depositors will be reimbursed.

Notably, Signature Bank was Okcoin’s choice platform for processing incoming wire, ACH, and credit card transactions. With this move, therefore, the exchange has reduced any chances of customer deposits getting delayed or affected as the NYDFS rolls out its program for Signature Bank.

Okcoin CEO: What has not changed

Okcoin platform’s CEO Hong Fang noted that while key offerings have been suspended, several aspects remain intact, including crypto withdrawals and deposits. Other unaffected elements include the firm’s order-book trading, EU deposit, and USD withdrawal, adding that all corporate and customer funds remain safe. The processing speed for these offerings will be subject to bank operation.

Fang also revealed the deployment of a team that was already working on alternative channels and solutions in real-time. Notably, Okcoin is a Chinese digital currency trading platform and Beijing-based exchange, boasting the lowest trading fees and providing users with better access to Bitcoin (BTC). 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price. 

More Cryptocurrencies News

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.

More Shiba Inu News

Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium

Dogwifhat crashes 60%, but here's why you should not buy WIF yet

Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective. 

More Dogwifhat News

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court. 

More Ripple News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP