Crypto exchange OKCoin temporary stopped USD deposits after Signature Bank’s collapse. The company also added that it is not affiliated with Silicon Valley Bank (SVB).
After Signature Bank Collapse, OKCoin Pauses USD Deposits
OKCoin CEO Hong Fang announced in a recent tweet on March 13 that the cryptocurrency exchange will also close its over-the-counter (OTC) services. According to the announcement, Signature Bank is the company’s main bank for US dollar deposits, which led the company to make such a decision.
On March 12, the U.S. Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced the closure of Signature Bank after California regulators shut down SVB and took control of the bank’s assets. Explaining the current situation,Fang said that E.U. deposits, U.S. dollar withdrawals, crypto deposits and withdrawals were not affected at OKCoin. He also appointed that that customer and corporate funds were safe.
“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.” – OKСoin CEO Hong Fang.
Hong Fang explained that the cryptocurrency exchange is not affiliated with Silicon Valley Bank (SVB). According to his words, the company is able to “manage the Silvergate situation.” It is worth noting that all three banks – Silvergate, SVB, and Signature – were major lenders to the crypto industry prior to their fall.
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