3.6 C
Friday, February 23, 2024

Clients of the OKCoin crypto exchange have lost the ability to make deposits in dollars

- Advertisement -
binance 728x90 banner

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.

Best Marketing and Advertising Blogs to Follow - OnToplist.com

- Advertisement -


Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

- Advertisement -binance
Related Articles