Recently, the 2013-founded cryptocurrency exchange OkCoin announced that it had stopped accepting USD deposits and OTC trading. Following Silicon Valley Bank’s (SVB) liquidations, which caused the USDC depeg to collapse, numerous cryptocurrency exchanges suspended their USDC trading pairs.
OkCoin has informed its users that the suspension of USD deposits is a temporary measure and that it is trying to quickly resume service. Moreover, ACH and wire transfer deposits have both been stopped.
OKCOIN USD DEPOSIT BY WIRE AND ACH IMMEDIATELY PAUSED. OVER-THE-COUNTER SERVICES WILL BE TEMPORARILY PAUSED TOO- OKCOIN CEO
— *Walter Bloomberg (@DeItaone) March 13, 2023
The current market turmoil has had a significant impact on numerous cryptocurrency exchange operations, including this one by OkCoin. In response to SVB’s liquidations, USDC, a stablecoin tied to the dollar, depegged. Many cryptocurrency exchanges suspended USDC trading pairs as a result, and they also took action to limit their losses.
The bitcoin market has already shown indications of recovery despite the early turbulence. A key driver of the recovery has been the $1 billion injection made by Binance’s fund to stabilize the market. However, when the value of the stablecoin returned to the anticipated threshold, many exchanges have already started trading USDC and other stablecoins again.
For many years, OkCoin has been a popular cryptocurrency exchange that offers trading in a number of cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. Both experienced traders and beginning traders have regularly used the platform, which has been a tried-and-true trading platform.
The exchange is likely addressing the issue as of right now because it has not yet provided any new information about deposit limits. Furthermore, it’s not clear if the problem is connected to SVB’s most recent liquidation.