Xu Mingxing: OKCoin suspended ACH and telegraphic transfer functions due to the signature problem

On March 14, Xu Mingxing said on Twitter: “Due to the problem of Signature Bank, OKCoin has just suspended the ACH and wire transfer functions. All customers’ funds are safe, cash withdrawal is open at any time, and customers can withdraw at any time. OKX and OKCoin are independent exchanges, and the operation of OKX is not affected.”

Interpretation of this information:

In a tweet posted on March 14, 2021, Xu Mingxing, the founder of OKCoin, announced that the exchange has suspended its ACH and wire transfer functions due to issues with Signature Bank. However, he assured customers that all funds are safe and that cash withdrawals can be made at any time. This indicates that the exchange is taking steps to prevent any potential losses for its customers.

The fact that OKX and OKCoin are independent exchanges and that the operations of OKX are not affected indicates that the suspension of ACH and wire transfer functions is only limited to OKCoin. This suggests that OKCoin is taking measures to ensure that its operations are not affected by the issues affecting Signature Bank, which is a positive sign for the exchange’s customers.

Despite the suspension of ACH and wire transfer functions, customers of OKCoin can still withdraw their funds at any time. This indicates that the exchange is committed to providing its customers with access to their funds at all times, which is crucial for maintaining customer trust.

Overall, Xu Mingxing’s tweet suggests that OKCoin is taking proactive steps to address any issues affecting its operations and to ensure the safety of its customers’ funds. While the suspension of ACH and wire transfer functions may cause some inconvenience for customers, the fact that cash withdrawals are still open indicates that the exchange is doing its best to minimize any potential disruptions.