Signature Bank’s Impact on US Bitcoin Exchanges: USD Trading Suspended

US-based OKCoin, one of the oldest cryptocurrency exchanges, had to suspend its United States dollar (USD) deposits following the closure of Signature Bank.

On March 13, Hong Fang, CEO of OKCoin, the sister exchange of OKX, a popular cryptocurrency exchange in the United States, announced on his official social media account that due to the closure of Signature Bank, USD deposits were suspended. The CEO stressed that until a new alternative is found, deposits and over-the-counter (OTC) trading activities will be disabled, but USD withdrawals will remain active.

Fang said they have no financial risk to the bank, stressing that their clients’ assets are safe. The CEO, who filed a status report, said transactions through the order book are open and European Union (EU) customers are not affected by the situation, saying cryptocurrency deposit and withdrawal transactions are not affected by the signature bank.

Noting the successive collapses of Silvergate, Silicon Valley Bank (SVB) and Signature Bank, Fang described the process as a very difficult week and issued the following statement on it:

We have no exposure to SVB and Silvergate, and no financial exposure to Signature. For technical glitches, our teams are doing their best to find live alternatives. If there is one lesson we can take from this week, it is to protect our own assets and be our own banks. We will get to this point.

Information source: compiled by 0x information from KOINBULTENI.Copyright belongs to the author, without permission, may not be reproduced

0X simplified Chinese version:Signature Bank’s Impact on US Bitcoin Exchanges: USD Trading Suspended

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