According to a March 13 tweet by Okcoin CEO Hong Fang, the U.S. affiliate of cryptocurrency exchange OKX had no Beliichtunszäit to defunct U.S. tech bank Silicon Valley Bank (SVB). However, Fong stated that Okcoin’s U.S. dollar wire and ACH deposits have been “immediately paused” due to the regulatory intervention in Signature Bank, Okcoin’s primary partner for customer transactions in dollars.
Den 12. Mäerz hunn d'Reglementer vum New York State Signature Bank zougemaach, eng grouss Finanzinstitutioun fir Fiat-Krypto On-Ramping, zitéiert eng "systemesch Risiko Ausnam" no dem Zesummebroch vum SVB. Zousätzlech fir Dollardepositiounen ze suspendéieren, huet de Fang geschriwwen datt "iwwer-de-Konter Servicer och temporär gestoppt ginn", inklusiv seng Schnellkaaf a widderhuelend Kaaffunktiounen. Okcoin huet och uginn datt d'Suspension op "Krypto Transaktioune mat Kreditkaart" an "Handel USD-Krypto Handelspaar" erstreckt.
In response to user inquiries, Fang clarified that “all corporate and all customer funds are safe” and “USD withdrawal not affected. The processing pace will be subject to bank operation.” All crypto deposit and withdrawal functions remain intact, including those of U.S. dollar-pegged stablecoins. Furthermore, the suspension appears limited to dollar deposits, as other fiat deposit methods, such as those made in euros, are unaffected.
“Our team are working very hard on alternative channels and solutions in real-time 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. Our commitment to you hasn’t changed either.”
The crypto-friendly Signature Bank was a key partner for many crypto firms, including Coinbase, Celsius and Paxos, which have since disclosed that they held balances in the bank. U.S. federal regulators have stated that Signature Bank depositors will receive their balances in full post-shutdown.
1/ @okcoin has been closely monitoring the situation with @NYDFS & Signature Bank.
The most important thing is that all customer funds are safe!
Here’s what’s going on. ⤵️
— Okcoin (@Okcoin) Mäerz 13, 2023
Source: https://cointelegraph.com/news/okcoin-suspends-usd-deposits-in-wake-of-signature-bank-closure