OkCoin, a cryptocurrency trade that has been round since 2013, lately introduced that it has halted USD deposits and OTC buying and selling. This comes after the breakdown of the USDC depeg brought on by Silicon Valley Financial institution’s (SVB) liquidations, which led to many cryptocurrency exchanges suspending their USDC buying and selling pairs.
The halt of USD deposits on OkCoin is a brief measure, and the trade has said to its customers that it’s working to revive the service as quickly as attainable. Moreover, deposits via wire transfers and ACH have additionally been disabled.
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
This transfer by OkCoin is only one of many by cryptocurrency exchanges which were affected by the latest market turbulence. SVB’s liquidations brought about a depegging of USDC, which is a stablecoin pegged to the U.S. greenback. This brought about many cryptocurrency exchanges to droop USDC buying and selling pairs and take measures to keep away from extreme losses.
Regardless of the preliminary turmoil, the cryptocurrency market has already proven indicators of restoration. The injection of $1 billion by Binance’s fund to stabilize the market has been a major issue within the restoration. Moreover, many exchanges have already resumed buying and selling in USDC and different stablecoins as the worth of the stablecoin returned to the anticipated threshold.
OkCoin has been a preferred cryptocurrency trade for a number of years, providing buying and selling in a wide range of cryptocurrencies, together with Bitcoin, Ethereum and Litecoin. The platform has been a time-tested buying and selling platform that has been extensively utilized by each skilled and beginner merchants.
As for now, the trade has not shared any further data relating to deposit limitations and is almost certainly engaged on the scenario. It’s also unclear whether or not the issue is tied to the latest liquidation of SVB.