US-based OKCoin, one of the oldest cryptocurrency exchanges, had to pause its US Dollar (USD) deposits upon the closure of Signature Bank.
CEO of OKCoin, the US continent sister exchange of popular cryptocurrency exchange OKX Hong Fang March 13 on his official social media account. in his announcementdue to the closure of Signature Bank deposit USD transactions have been suspended reported. CEO, as well as deposits countertop commercial activities (OTC) in a new until there is an alternative much out of order declaring that he was leaving USD withdrawal transactions active stressed that.
Fang had no financial support for the bank. not exposed to when specifying customer of their assets safe underlined that. order books transactions carried out through open and that European Union (EU) customers are in a situation not affected The CEO, who gave a status report by stating, crypto deposits and withdrawals transactions from Signature Bank. not affected conveyed.
Silvergate, Silicon Valley Bank (SVB) And Signature Bank’s their downfall in pursuit noting that it comes one after another, the process is quite a tough week Fang, describing the issue as:
We have no exposure to SVB and Silvergate, nor do we have a financial exposure status on the Signature side. For the glitch on the technical side, our teams are making an extraordinary effort to find a real-time alternative. If there is one lesson we can take from this week, it is to protect our own assets and be our own bank. We will reach that point.