Cryptocurrency exchange OKCoin has temporarily banned its customers from making deposits in US dollars, citing problems due to the collapse of Signature Bank.
“Our team is working very hard on alternative channels and real-time solutions. We have been through much worse times since our founding,” tweeted OKCoin CEO Hong Fang.
OKCoin became the first crypto exchange to lose the ability – albeit temporarily – to process US dollar deposits due to the new US banking crisis.
OKCoin is a subsidiary of the OLX cryptocurrency trading platform. According to CoinGecko , the native OKX token, OKB, has not yet been affected by what is happening and has even increased in price by 3.7% over the past day.
Earlier, representatives of the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) said that Signature Bank poses the same systemic risk as Silicon Valley collapsed the day before, so they suspended the bank. Regulators promised that Signature deposits would be returned to owners, as would Silicon Valley Bank deposits. Against the backdrop of positive news, USDC and DAI stablecoin rates almost returned to $1. These stablecoins untied the US dollar after the collapse of Silicon Valley.
