coindesk.com
OKCoin has temporarily lost the ability to allow customers to deposit USD because of Signature bank’s collapse, according to a tweet by its CEO.
“Our team are working very hard on alternative channels and solutions in real-time,” OKCoin CEO Hong Fang tweeted. “We've been through much worse times since our inception. If this weekend has told us anything, it's the significance of the future that we are building.”
OKCoin is believed to be the first exchange to lose its ability – albeit temporarily – to process USD deposits because of the current banking crisis.
Across the industry, there have been growing concerns about the liquidity vacuum that the disappearance of the Silvergate Exchange Network (SEN) and Signature’s competitor, Signet, means for crypto-fiat liquidity.
OKCoin, available in the U.S., is the sister exchange to OKX, which is not available onshore.
OKX’s native token, OKB, appears to be unaffected by this news and is up 6.6% in the last 24 hours, according to CoinGecko.