OKCoin suspends USD deposits

US-based OKCoin has temporarily halted USD deposits amid problems in the banking sector. This was reported by the exchange’s CEO, Hong Fan.

It’s been a wild week. Silvergate. SVB. Now Signature.

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?

— Hong (@hfangca) March 13, 2023

According to the top executive, deposits of private and corporate users are secure, and the situation did not affect the ability to withdraw funds in US dollars.

OKCoin paused over-the-counter trading.

Customers can fund accounts and withdraw euros and digital assets.

Trading on the platform continues as normal.

That was a crazy week. Silvergate. SVB. Now Signature. We have no exposure to SVB risks (or any other banks that have been bailed out recently). We managed the fallout from Silvergate’s departure. Signature is our main bank for client USD transactions. The weekend news led to some short-term implications, — said Fan.

The OKCoin CEO said that in real time the team is developing alternative solutions. She stressed that the exchange had faced much worse times in the past.

The platform’s utility token rose 4.3% in value over the last 24 hours, according to CoinGecko.

Earlier, Justin Sun stated his readiness to back the creation of a bank for the crypto industry.