OKCoin Joins Bitfinex in Suspension of US Dollar Deposits

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The week has gotten off to a frustrating start for some digital currency customers, as two major cryptocurrency exchanges have suspended US dollar deposits. Bitfinex announced on Monday that it would be unable to process wire transfers. Now, OKCoin has made a similar announcement, informing its customers that US dollar deposits will not be accepted. The suspension of deposits has been attributed to problems with the intermediary banks responsible for processing the wire transfers.

Bitfinex made its announcement in a statement posted on its website:

“Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks. This applies to all fiat currencies at the present time. Accordingly, we ask customers to avoid sending incoming wires to us until further notice, effective immediately. We continue to work on alternative solutions for customers that wish to either deposit or withdraw in fiat, and are making progress in this regard.”

OKCoin notified its customers through its customers' user dashboards, and the announcement has been re-posted on online public message boards like Reddit:

“Starting from today (April 18, 2017), Okcoin would temporarily suspend USD deposit because of the issues with intermediary banks. Please do not make further deposit [sic] because your wires may be rejected by intermediary banks. We are actively looking for alternatives to resume deposit [sic] as soon as possible. Your current account balance remains unaffected. We are sorry for any inconvenience caused.”

This news comes on the heels of last week’s BTC-E announcement via Twitter that it would not be accepting any US dollar wire transfers until at least May 1st. As usual, however, there’s good news to somewhat offset the bad. Even as these exchanges have been forced to temporarily suspend US dollar deposits, the Kraken exchange has announced that it is adding functionality for wire transfers denominated in US dollars, British pounds, and euros.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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