Foreign media reports that OKCoin stopped accepting US dollar deposits were wrong. In fact, banks were closed during the Qingming Festival.

Golden Finance News - According to foreign media reports on April 20, China's Bitcoin trading platform OKCoin has stopped accepting US dollar deposits.

Foreign media reported that OKCoin has stopped its USD deposit service. Image source: Golden Finance

Just one day after Bitfinex, a world-renowned bitcoin exchange, announced that it would remind users to stop transferring dollars to the platform, Chinese bitcoin exchange OKCoin also reported problems with dollar transfers. This makes OKCoin the latest cryptocurrency platform to stop dollar trading services. According to the relevant banks, the problem lies in the foreign exchange against the US dollar.

After the foreign media contacted OKCoin, the online customer service of OKCoin told the media that the Bitcoin exchange currently has no accurate time to resume the USD deposit and transfer business of users to the platform. The exchange stated to users that they are restoring the deposit function through other alternative channels.

“Please do not make further deposits as your wire transfer may be rejected by your bank.”

Foreign media said that OKCoin published this notice on its website.

However, the reporter did not find any notice or announcement from the Bitcoin exchange reminding users to stop depositing USD when logging into the official website of OKCoin. The only similar notice was the "Notice on Suspending USD Deposits and Withdrawals During the Qingming Festival" from the OKCoin International Station.

The notice means that during the Chinese Qingming Festival holiday, banks will suspend business due to the holiday. US dollar recharges and withdrawals will be processed uniformly on the Wednesday after the holiday, which is April 5.

Therefore, the news reported by foreign media that OKCoin has suspended its USD deposit service is not accurate. This incident is inconsistent with the situation of Bitfinex.

Currently, OKCoin has not issued any separate notice to remind users to stop depositing US dollars into OKCoin.

OKCoin Notice on Suspending USD Deposits and Withdrawals During the Qingming Festival Image source: Golden Finance

The original notice is as follows:

Notice on Suspension of USD Deposits and Withdrawals during the Qingming Festival

Beijing time April 2, 2017 to April 4, 2017 is the Qingming Festival National Holiday. OKCoin's specific work arrangements during the Qingming Festival are as follows:

1. During the Qingming Festival holiday, OKCoin customer service phone still provides 7*24 hours warm and thoughtful service. The service phone number is: +852 5808 5768.
2. Due to the suspension of bank services during the Qingming Festival, USD deposits and withdrawals will be processed on Wednesday after the festival (April 5, 2017, Beijing time). Please make fund arrangements in advance. We apologize for the inconvenience caused to you!
3. Bitcoin and Litecoin deposits and withdrawals will proceed as usual.
4. Spot and contract transactions of Bitcoin and Litecoin are normal.

Thank you for your support of OKCoin! OKCoin looks forward to working with you all the way to build the world's most professional and trustworthy trading platform!


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OKCoin Bitcoin Trading Platform
Customer service: +852 5808 5768
Customer service email: [email protected]
March 31, 2017