American users of OKCoin.com have been informed that they cannot deposit USD, Bitcoin or Litecoin to OKCoin anymore. The Chinese Bitcoin exchange cites regulatory issues and also states that the ban on American deposits is temporary. OKCoin representatives have apologized for the inconvenience and confirmed that the ban is due to regulatory uncertainty. OKCoin is still allowing American users to withdraw their money and trade on their platform; however, there is no timeline for the return of Bitcoin deposits.
OKCoin Bans American USD, Litecoin, and Bitcoin Deposits
While some American users have still been able to fund their accounts by using old Bitcoin deposit addresses, the Chinese Bitcoin company has made it clear that this isn’t currently allowed. On the surface, this means that the exchange’s overseers made the decision to stop accepting American deposits before changing their back end to reflect the same decision. American users that deposit bitcoin by this method may find that path cleared quickly.
OKCoin has been working to expand Bitcoin in China with OKLink and made international moves with the opening of OKCoin.com (not their .cn, China-facing website) to facilitate an international Bitcoin exchange. By getting rid of deposits, OKCoin has now caused many users to wonder if withdrawals are next. Or, at the very least, what kind of regulation is brewing in the United States that could warrant such a response.
Images from OKCoin.