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OKCoin Halts USD Transactions




OKCoin warns users against making deposits of US currency, on the heels of a similar announcement made by Bitfinex.

OKCoin has recently alerted users to suspend USD deposits pursuant to possible rejection by intermediary banks. The move mirrors one made by Bitfinex on the very same day.

Posted publicly on Reddit, an announcement to customers of the exchange says:

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

The company has not made any official public statements on their website regarding the wire transfer situation. However, this action comes days after it made an announcement on April 10, informing users of enhanced security. Specifically, those who have a lifetime deposit balance of $10,000 US or more will be subject to "enhanced due diligence (e.g. video verification)." The announcement also strongly suggested that users update their account passwords, periodically change any authenticator keys, and register their phone numbers. Older wallet addresses will be phased out and cease to work by April 23rd.

While their statement says OKCoin is looking for alternatives to resume deposits, it has provided no timeline for their users as to when it expect this issue to be resolved.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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