Evolve Markets

Bank partner of Bitcoin wallet Coinhako halts user SGD deposits/withdrawals

Coinhako stops SGD withdrawals and deposits from bitcoin wallet
Users of Coinhako may still hold SGD on their wallet for trading. However, they will not be able to process SGD withdrawals directly to bank accounts.

Coinhako, a Singapore-based bitcoin and ether wallet app today made final preparations to terminate funding to user wallets by local banks in SGD.

The company said they believe this is a temporary issue informing its users that they are currently facing some issues with their local banks.

Due to this, starting on FridaySeptember 8th, 2017 Coinhako will no longer be able to process Singapore Dollar (SGD) deposits and withdrawals through the aforementioned local company bank account.

Schedule for last SGD bank transactions:

  • The last SGD DEPOSIT clearance time for SGD inter-bank transfers was today on ThursdaySeptember 7th, 20174 pm GMT+8. Any deposits made after the last clearance time may take an extended time to be credited to customer accounts. Coinhako says time frames depends much on the amount of access it will have to their now closed bank account.
  • The last SGD WITHDRAWL request time occurred today, Thursday, September 7th, 2017, 9 pm GMT+8. This allowed sufficient time for the Coinhako team to clear all withdrawals before their bank account closes on September 8th, all withdrawals requested will be processed.

For now, while the company seeks alternative banking arrangements, users are directed and encouraged to carry on trading using SGD via Xfers.

Xfers provides an all-in-one payment gateway for bank transfers and debit/credit card payments.

Coinhako has upgraded their integration with Xfers to make it easier to trade transact using the Xfers wallet. Coinhako users will now be able to see an additional Xfers SGD wallet in their account dashboard.

Xfers allows clients to withdraw directly to their bank account. Withdrawals take at least 48 hours and no longer than 72 hours, depending on the option chosen.

The Coinhako team stated:

“Rest assured that your funds are safe, and this SGD suspension is a temporary issue. We are actively seeking new banking partnerships locally, and hope to get an account up and running in the next few weeks.”

“Do note that business is as per normal, just that we will not be able to receive and send SGD.”

“You may also visit the Xfers webpage if you wish to read up more about the service. Meanwhile, we trust that the Xfers Wallet will enable you to carry on with a smooth and enjoyable trading experience with CoinHako.”

The company has provided further details on alternative withdrawal methods and how to use your Xfers in a detailed notice for customers.


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