Inside Signature Bank Hell: OKCoin (OKX) Suspends Dollar Deposits

Inside Signature Bank Hell: OKCoin (OKX) Suspends Dollar Deposits

This eventful Monday therefore continues, since we learn this noon thatOKCointhe US subsidiary ofOKXgoes to suspend THE dollar deposits as well as OTC services Following the bankruptcy of the Silvergate crypto-bank.

The boss of OKCoin and OKX, Hong Fang, expressed himself in this direction on Twitter by explaining that the Signature Bank was the main bank of OKCoin. He wants transactions not to remain in abeyance, that is to say in the meshes of the Signature Bank.

While the Silvergate situation was dealt with last week, according to the man nicknamed Hang, it would therefore seem that theSignature Bank implosion does not help the business of the crypto platform, evidenced by the about from Hong on Twitter:

It’s been a crazy week. SVB. We had no exposure to SVB (or any of the previous explosions). We handled the Silvergate situation. Signature IS our primary USD bank for client transactions. Therefore, this Sunday news had short-term implications (…) What is temporarily suspended at OKCoin:

– Depositing in USD via wire transfer and ACH has been immediately suspended. We don’t want your deposit to get stuck ;
– Over-the-counter services will also be temporarily suspended (aka Quick Buy and Recurring Buy). »

While everyone waits for the reopening of American banks, the collateral damages are beginning to be visible within our beautiful ecosystem. BlockFi is affected by the fall of Silicon Valley Bank and the stablecoin of Circle, the UDSC, had trouble hours this weekend.

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