HashKey Exchange to End Support for Binance-Related Transactions Next Month
HashKey, a Hong Kong-based crypto exchange, has announced that it will be ending support for Binance-related transactions next month. In a statement released on April 19, the platform stated that it will restrict deposits from Binance starting May 10 and will cease support for virtual asset withdrawals to Binance-hosted wallet addresses by May 17.
The decision by HashKey comes as a result of a change in policy, although the exchange did not provide specific details about the new rules. Transactions involving virtual assets to whitelisted unhosted wallet addresses will not be affected, as these addresses are verified and authenticated by the exchange.
HashKey Exchange, one of the few licensed exchanges in Hong Kong catering to both institutional and retail investors, had previously terminated support for crypto deposits from all third-party exchanges except Binance in December 2023. At that time, the exchange had announced specific guidelines for accepting deposits exceeding 8,000 HKD from Binance.
This move by HashKey adds to the regulatory challenges faced by Binance in various jurisdictions. Last month, a related entity in Hong Kong, HKVAEX, closed operations and withdrew its licensing application. In Nigeria, two executives from the platform were detained by authorities who accused the exchange of exacerbating foreign exchange challenges.
Despite these challenges, Binance has been making efforts to comply with regulations, particularly in India and Dubai. On the other hand, HashKey has been making significant advancements in its operations. Recently, HashKey Capital received regulatory clearance to co-launch a spot Bitcoin exchange-traded fund (ETF) with Bosera International. The platform also received licensing in Bermuda to operate a global crypto trading platform, excluding China and the United States.
As the crypto industry continues to navigate regulatory hurdles, the decisions made by exchanges like HashKey and Binance will have a significant impact on the future of virtual asset trading.
