OKCoin Restricts Bitcoin Deposits for US Customers

OKCoin has stopped accepting bitcoin deposits from customers in the US, citing regulatory pressure.

By Stan Higgins

Aug 31, 2015, 8:40 PM

Updated Aug 18, 2021, 4:09 PM

Election 2024 coverage presented by

Stand with crypto

OKCoin

OKCoin has stopped accepting bitcoin deposits from customers in the US, citing regulatory pressure.

US users of the Chinese bitcoin exchange see the following message when trying to make bitcoin, litecoin or US dollar deposits:

"Notes: Due to regulation, we don't accept the charge from the US."

The company called the measure "temporary", but offered few details when asked when the restriction will be lifted. A representative described the situation as "not very clear".

OKCoin head of international Jack Liu offered additional details by email, telling CoinDesk:

"The latest change is part of an internal review we made on our policies and affects Level 1 individuals who self-indicated as US citizens."

Liu suggested the move was voluntary, but provided no additional comment on the situation.

CoinDesk will continue monitoring this developing story.

Correction: An earlier version of this article incorrectly stated that US customers would have access to LTC and USD deposits.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Stan Higgins

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about