OKCoin Follows Bitfinex, Freezes Inbound Wire Transfers

Following Bitfinex’s freezing of wire transfers, major Chinese exchange OKCoin has followed suit, requesting customers to stop sending in fiat.

A circular to customers reproduced on Reddit states:

“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.”

Bitfinex is in the midst of a debacle with its Taiwanese banking partners, which caused it to completely suspend incoming transfers effective Tuesday.

In an update, the exchange confirmed:

“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.”

OKCoin’s announcement contains very similar language.

Only last week, the exchange announced enhanced verification procedures for customers, with those harboring a deposit history of over $10,000 subject to video verification.

The developments continue uncertainty in the Chinese market over the ability of exchanges to function in their full capacity.

The uneven status quo has continued since January, with exchanges forced to halt Bitcoin withdrawals altogether pending regulatory advice from the People’s Bank of China.