HashKey Exchange Ends Support for Binance-Related Transactions

HashKey Exchange Ends Support for Binance-Related Transactions

HashKey Exchange, a crypto trading platform based in Hong Kong, recently announced its decision to cease support for Binance-related transactions. The exchange stated that starting May 10, it will restrict deposits from Binance and by May 17, it will no longer support virtual asset withdrawals to Binance-hosted wallet addresses. This move comes as a result of what HashKey described as a “change in its policy,” although the exact details of the new rules were not disclosed.

Interestingly, in December 2023, HashKey had terminated support for crypto deposits from all third-party exchanges except Binance. At that time, the exchange implemented guidelines stating that it would only accept deposits exceeding 8,000 HKD from Binance. HashKey Exchange is recognized as one of the few licensed exchanges in Hong Kong, catering to both institutional and retail investors.

The decision by HashKey further adds to the legal challenges faced by Binance across various jurisdictions. In recent times, Binance has encountered difficulties, with an entity connected to the Richard Teng-crypto trading platform abruptly closing its operations in Hong Kong. This entity, HKVAEX, withdrew its application for licensing, leading to tensions with Nigerian authorities who accused the exchange of aggravating foreign exchange challenges. Despite these obstacles, Binance has been working on enhancing its compliance efforts and making progress in regulatory compliance, particularly in regions like India and Dubai.

While HashKey Exchange has decided to end support for Binance-related transactions, the platform has been making significant strides in its operations. On April 15, HashKey Capital received regulatory clearance to co-launch a spot Bitcoin exchange-traded fund (ETF) with Bosera International. This move was made possible by the approval from the Hong Kong Securities and Futures Commission (SFC), which allowed HashKey to offer virtual asset fund product services to retail investors. Additionally, the exchange introduced a global crypto trading platform that secured licensing in Bermuda to provide digital asset trading services, excluding China and the United States.

The recent announcement by HashKey Exchange to halt support for Binance-related transactions highlights the evolving landscape of the cryptocurrency industry. As regulatory scrutiny increases and exchanges navigate legal challenges, it becomes essential for platforms to adapt and comply with changing standards to maintain their operations. By embracing compliance measures and expanding their offerings, exchanges like HashKey and Binance can continue to serve investors in a rapidly changing market.

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