Recently, two major Bitcoin exchanges had to suspend various transfers for a short time. The latest situation is as follows…
Giant Bitcoin exchange went offline for 20 minutes
BitMEX experienced a temporary pause in all its activities on March 13. The exchange has made an announcement on its website that it has detected an issue that suspends all transactions and only enables cancellation mode.
BitMEX was able to resolve the issue within 20 minutes and trades were activated at 17:20. The exchange has released an update stating that trading has resumed and all systems are working as usual. BitMEX also apologized for the inconvenience and reminded users to contact support if they have any further questions.
Today, from 13:58 – 14:18 UTC, our trading engine was suspended. Orders were executed in cancel-only mode.
By 14:18 UTC trading resumed and is since operating BAU.
We apologise for any inconvenience caused and we remind users that all funds have remained safe at all times. pic.twitter.com/8VgkE2Lni9
— BitMEX (@BitMEX) March 13, 2023
OKCoin has stopped depositing USD
OKCoin, the parent company of the OKX exchange, announced on March 13 that it will temporarily suspend the USD deposit service on the platform. The decision was made to protect users and prevent potential complications.
OKCoin CEO Hong Fang stated that all client funds are safe and the suspension only affects USD deposit services. The CEO’s tweet also revealed that the temporary pause was due to issues with the primary USD bank Signature.
It's been a wild week. Silvergate. SVB. Now Signature.
We had no exposure to SVB (or any of the previous blow-ups)
We managed Silvergate situation
Signature IS our primary USD bank for customer transactions. So this Sunday news did have some short-term implications👇
— hong (@hfangca) March 13, 2023
This announcement comes amid growing concerns about liquidity issues between crypto and fiat currencies in the cryptocurrency market. Earlier this week, Silvergate, a platform used to transfer USD to cryptocurrency exchanges, also announced it would be temporarily shut down. Signature’s Signet payment network also ceased operations the same day. As Kriptokoin.com, we have included the details in this article.
OKCoin confirms it was affected by bank bankruptcies
OKCoin has had worse times in the past and the company remains committed to its customers. The CEO’s tweet also highlights the importance of building a future in the crypto world and the importance of owning your own keys and being your own bank.
As a result, OKCoin’s temporary suspension of USD deposit services on its platform is due to issues with its parent USD bank Signature. Despite this, OKCoin’s cryptocurrency exchange token OKB was unaffected and all institutional and client funds remained safe. OKCoin is currently working on alternative channels and solutions, and more updates will be provided as the situation evolves.
On the other hand, the temporary suspension of BitMEX trading may have caused some concerns among users, but it is likely that the issue will be resolved quickly and the assurance that all funds will remain safe will regain confidence in the platform. According to the latest update, users can continue to use BitMEX’s services without worry, knowing that the exchange works to provide a safe and reliable trading environment.
59018
