HashKey Crypto Exchange to Halt Deposits and Withdrawals from Binance Wallets Starting Next Month

HashKey crypto exchange has announced that it will cease deposits and withdrawals related to Binance wallets starting next month. The transition, set to begin on May 10th for deposits and May 17th for withdrawals, comes amidst a time of significant challenges for both the world at large and the situation at Binance in particular.

The decision was made public on April 19th by Hong Kong’s licensed exchange, HashKey. The exchange cited “policy adjustments” as the reason for suspending digital asset transactions with Binance. Previously, HashKey had only accepted deposits from Binance, making this move a significant shift in their operations.

While HashKey did not provide specific reasons for their sudden action, the move has added to the mounting challenges facing Binance. In February, the Nigerian government banned Binance over concerns of “currency manipulation,” leading to the detention of one of Binance’s executives, Tigran Gambaryan.

Binance’s CEOs have acknowledged the difficulties facing the exchange, with Richard Teng expressing support for the Nigerian government and pledging to work with authorities to resolve the situation. In response to allegations of money laundering, Binance reached a $4.3 billion settlement and agreed to a three-year monitoring agreement with US regulators.

The future of Binance in the midst of these controversies remains uncertain. As the exchange navigates these challenges, the question remains whether it can emerge stronger from this period of turmoil.

In the meantime, the crypto community continues to watch closely as developments unfold in the world of digital assets.