OKCoin Reassures Customers: Funds Safe Amid Temporary Pause in Deposits
• OKCoin exchange has temporarily suspended USD deposits on their platform in response to Signature Bank’s failure.
• CEO Hong Fang has reassured customers that their corporate and customer funds have remained safe, with critical functions like crypto withdrawals and deposits unaffected.
• OKCoin is actively exploring alternative channels and solutions to ensure the safety and accessibility of its customers‘ funds.
OKCoin Temporarily Halts USD Deposits
OKCoin exchange has temporarily halted USD deposits on their platform in response to Signature Bank’s recent failure. Crucial functions such as crypto withdrawals and deposits remain unaffected.
CEO Reassures Customers
CEO Hong Fang has reassured customers that their corporate and customer funds have remained safe during the temporary pause in USD deposits. She clarified that over-the-counter services, order-book trading, EU deposit, and USD withdrawal services are still operational at OKCoin.
Broad Impact of USDC Depeg
Cryptocurrency exchanges have been grappling with the effects of the USDC depeg breakdown caused by Silicon Valley Bank’s liquidations; this is the second largest bank collapse in U.S history, causing an upheaval for many exchanges worldwide.
Exploring Alternative Solutions
Despite no exposure to the collapse, OKCoin is actively exploring alternative channels and solutions to ensure the safety and accessibility of its customers‘ funds amidst these tumultuous times.
Prioritizing Safety First
Fang confirmed that all customer funds are safe, reiterating her commitment to prioritize safety first while they work towards finding viable solutions for continuing operations uninterruptedly.
