- 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.
2/ We want to make sure that no customer transactions are interrupted while @NYDFS takes control of Signature Bank. Therefore, we've paused:
— Okcoin (@Okcoin) March 13, 2023
1️⃣ USD deposits by wire & ACH
2️⃣ Crypto transactions by credit card
3️⃣ Over-the-counter services
4️⃣ Trading USD-crypto trading pairs.
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.
What has not changed @Okcoin:
— Hong (@hfangca) March 13, 2023
- All corporate and all customer funds are safe
- Order-book trading not affected
- EU deposit not affected
- USD withdrawal not affected. The processing pace will be subject to bank operation
- Crypto withdrawals and deposits still intact
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.
Recommended Content
Editors’ Picks
Ripple faces growing downside risks threatening potential return to $3
Ripple (XRP) price hovers at around $2.31 on Monday, extending its gradual drawdown from last week’s high of $2.65, as the broader cryptocurrency market swings between gains and losses amid shifting investor sentiment.
EOS uptrend falters ahead of token swap despite Vaulta’s DeFi TVL soaring to $246 million
EOS price slides on Monday to approximately $0.75, erasing a minor uptick on Sunday, while extending the drawdown from the May 10 high at around $0.99. The EOS network rebranded to Vaulta in the first quarter, paving the way for a web3 banking platform.
Bitcoin gives up weekend gains, signaling potential bull trap as momentum weakens
Bitcoin dips to around $103,000 on Monday, wiping out Sunday's gains and raising concerns of a short-term correction. Metaplanet adds 1,004 BTC to its treasury, while spot Bitcoin ETFs saw $603.74 million in net inflows last week.
Virtuals Protocol Price Forecast: VIRTUAL set to extend losses as triple top formation emerges
Virtuals Protocol (VIRTUAL) price drops over 10% at the time of writing on Monday, trading around $1.78 following a failed attempt to break above a key resistance level over the weekend.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.