HashKey Exchange Temporarily Suspends Digital Asset Deposits and Withdrawals to Binance
HashKey Exchange, a licensed exchange based in Hong Kong, has made a significant announcement regarding its relationship with Binance, one of the world’s largest cryptocurrency exchanges.
In a statement released on Friday, HashKey Exchange revealed that it will be temporarily suspending digital asset deposits and withdrawals to and from Binance. This decision is a result of policy adjustments implemented by HashKey Exchange.
Effective May 10, 2024, HashKey Exchange will no longer accept any virtual asset deposits from Binance hosted wallet addresses. Additionally, starting from May 17, 2024, the exchange will cease to allow any crypto withdrawals to Binance hosted wallet addresses. However, deposits from and withdrawals to whitelisted unhosted wallet addresses will not be affected by these changes.
In a separate development, HashKey Group recently launched its new global trading platform, HashKey Global. This platform offers over 20 cryptocurrencies and targets international users who are not served by HashKey Hong Kong. HashKey Global has obtained a digital asset business license in Bermuda to provide compliant trading services, including the ability to trade more than 20 cryptos with stablecoins like Tether (USDT) and USD Coin (USDC). The platform also plans to introduce futures trading in the near future.
HashKey Group is known for providing a range of digital asset financial services in Asia, including trading, custody, venture investment, and Web3 infrastructure.
The news of HashKey Exchange’s suspension of deposits and withdrawals to Binance comes amidst ongoing regulatory troubles for the exchange. Earlier this month, the Philippine Securities and Exchange Commission blocked access to Binance, citing regulatory concerns. Binance has faced similar scrutiny in other jurisdictions, including charges from the US Commodity Futures Trading Commission and the Securities and Exchange Commission.
As the cryptocurrency industry continues to navigate regulatory challenges, the actions taken by exchanges like HashKey Exchange and the developments at Binance will be closely watched by market participants and regulators alike.
