Okcoin Is Latest Bitcoin Exchange Who Stops US Dollar Deposits

Bitcoin Chinese Yuan

OkCoin, a Chinese digital currency Bitcoin exchange has stopped the US dollar deposits. They have become the latest one who reports issues with US transfers. It comes just 24 hours after Bitfienx also reveals the same problem and said that they will not able to accept the transfers.

OkCoin has told its users that they should make transactions with the USD transfers as it will be rejected by the bank.

An online support staff at the OkCoin told the CoinDesk that the platform doesn’t have a fixed date for the reactivation of this service. Yesterday, the users were told by the users that they are working on restoring the deposit functions via alternative channels.

Exchange Notice

There was a notice published on the website of the exchange that states that the users shouldn’t make further deposits because their wires might be rejected by the intermediary banks.

This move has come after some of the exchanges in China like OkCoin had shifted their policies for new regulatory scrutiny and after that, stop the litecoin and bitcoin withdrawals for the users who have pending upgrades to their system.

This type of state affairs is continued and local sources have attributed to a new situation to the ongoing discussions with the central bank in China and other regulators across the nation.

In addition to this, it also follows the release by OkCoin of beefed up the needs of anti-money laundering and know your customer on tenth April.

There are many other exchanges who have reported the transfer holds. However, the way developments will be connected isn’t cleared instantly.

For example, Crypto-exchange BTC-e says that they wouldn’t allow the international transfers for the next month in the US currency that cites a shift to a new bank account as per the post on Twitter from 14th April.

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