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OKCoin pauses USD deposits following Signature Bank collapse

okcoin-pauses-usd-deposits-following-signature-bank-collapse
Edited by
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OKCoin pauses USD deposits following Signature Bank collapse

Crypto exchange OKCoin has halted U.S. dollar wire deposits in response to Signature Bankโ€™s collapse while adding that the company had zero exposure to Silicon Valley Bank (SVB).

OKCoin reacts to Signature Bankโ€™s fall

OKCoin CEO Hong Fang made the announcement in a tweet thread on March 13, saying that the crypto exchange was also halting over-the-counter (OTC) services. According to Fang, Signature Bank was the firmโ€™s primary bank for USD deposits which led to the company making such a decision.

https://twitter.com/hfangca/status/1635150324544724994?t=L6gSWRx0DH6oeNMaWoRRbg&s=19

On March 12, the U.S. Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement announcing the closure of Signature Bank, after California regulators also closed SVB and took control of the bankโ€™s assets. 

Meanwhile, Fang noted that E.U. deposits, U.S. dollar withdrawals, crypto deposits and withdrawals were not affected at OKCoin. The CEO also maintained that customer and corporate funds were safe. 

โ€œOur team are working very hard on alternative channels and solutions in real-time. Weโ€™ve been through much worse times since our inception. If this weekend has told us anything, itโ€™s the significance of the future that we are building. Our commitment to you hasnโ€™t changed either.โ€

OKCoin CEO Hong Fang.

While the OKCoin CEO claimed that the crypto exchange had no exposure to Silicon Valley Bank (SVB), Fang said the firm was able to โ€œmanage the Silvergate situation.โ€ All three banks โ€” Silvergate, SVB, and Signature โ€” were key lenders for the crypto industry before their fall. 

Part of the tweet thread said that the OKCoin team is exploring alternative options.