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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.
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.
It's been a wild week. Silvergate. SVB. Now Signature.
— Hong (@hfangca) March 13, 2023
We had no exposure to SVB (or any of the previous blow-ups)
We managed Silvergate situation
Signature IS our primary USD bank for customer transactions. So this Sunday news did have some short-term implications👇
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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.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
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