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Crypto alternate HashKey mentioned it might finish assist for Binance-related transactions subsequent month.
In an April 19 assertion, the Hong Kong-based crypto buying and selling platform said that it might prohibit deposits from Binance beginning Might 10 and finish assist for digital asset withdrawals to Binance-hosted pockets addresses by Might 17.
Nevertheless, transactions involving digital belongings to whitelisted unhosted pockets addresses will stay unaffected. These addresses are verified and authenticated by the alternate.
HashKey attributed its choice to “a change in its coverage” however didn’t present further particulars concerning the new guidelines.
In December 2023, HashKey terminated assist for crypto deposits from all third-party exchanges besides Binance. On the time, the alternate introduced it might solely settle for deposits exceeding 8,000 HKD from Binance, topic to particular pointers.
HashKey Trade is without doubt one of the few licensed exchanges in Hong Kong and caters to each institutional and retail buyers.
Binance regulatory woes
HashKey’s choice additional compounds Binance’s woes throughout numerous authorized jurisdictions.
Final month, an entity linked to the Richard Teng-crypto buying and selling platform in Hong Kong, HKVAEX, abruptly closed operations and withdrew its software for licensing.
Amid the drama, the Nigerian authorities detained two executives from the platform and accused the alternate of exacerbating its international alternate challenges.
Nevertheless, Binance has lately adopted a compliance-first method and made vital strides in its regulatory push, significantly in India and Dubai.
HashKey’s developments
Over the previous month, HashKey has made notable developments in its operations.
On April 15, HashKey Capital mentioned it acquired regulatory clearance to co-launch a spot Bitcoin exchange-traded fund (ETF) with Bosera Worldwide.
A spokesperson for the platform advised CryptoSlate that the Hong Kong Securities and Futures Fee (SFC) authorised upgrading its current License 9 to allow it to supply digital asset fund product providers to retail buyers.
Earlier than that, the agency had unveiled a world crypto buying and selling platform that acquired licensing in Bermuda to offer digital asset buying and selling providers. This platform will function in quite a few nations, excluding China and america.
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