As of Sunday, March 12, Okcoin has paused USD deposits by wire transfer and ACH. We've also paused crypto transactions by credit card, convert, and quick buy & sell. In addition, we've paused our over the counter services.
Customers can still withdraw USD and crypto. Deposits for stablecoins and other supported cryptocurrencies will continue as usual. All customer funds are safe.
We've made these temporary service changes due to the recent announcement that the New York Department of Financial Services ("NYDFS") is taking possession of Signature Bank. According to a joint statement by the U.S. Treasury Department, the Federal Reserve Bank, and the FDIC, all Signature Bank depositors will be made whole.
Okcoin uses Signature Bank to process incoming wires, ACH, and credit card transactions. Pausing these transactions reduces any chance of customer deposits getting delayed or impacted as NYDFS implements its program for Signature Bank. You can find the NYDFS press release here.
We will provide another service update as soon as more information is available.
In the meantime, please feel free to message us on Twitter or email us at email@example.com with any questions or concerns.
March 13, 2023
UPDATE: We corrected this article for accuracy. Previously, the article stated that Okcoin had paused order book trading in all crypto-USD trading pairs. This statement was inaccurate, so we removed all references to it. Okcoin has not paused order book trading of any trading pairs. Also, the original version of the article stated that Okcoin had paused "quick buy." This language was updated to reflect that Okcoin paused "quick buy & sell." Finally, the article mentioned that we had paused our crypto convert feature. This is correct.