Crypto alternate HashKey mentioned it might finish help for Binance-related transactions subsequent month.
In an April 19 assertion, the Hong Kong-based crypto buying and selling platform acknowledged that it might limit deposits from Binance beginning Could 10 and finish help for digital asset withdrawals to Binance-hosted pockets addresses by Could 17.
Nonetheless, 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 in regards to the new guidelines.
In December 2023, HashKey terminated help 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 tips.
HashKey Alternate is among the few licensed exchanges in Hong Kong and caters to each institutional and retail traders.
Binance regulatory woes
HashKey’s choice additional compounds Binance’s woes throughout varied 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 utility for licensing.
Amid the drama, the Nigerian authorities detained two executives from the platform and accused the alternate of exacerbating its overseas alternate challenges.
Nonetheless, Binance has just 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 obtained regulatory clearance to co-launch a spot Bitcoin exchange-traded fund (ETF) with Bosera Worldwide.
A spokesperson for the platform informed CryptoSlate that the Hong Kong Securities and Futures Fee (SFC) accepted upgrading its current License 9 to allow it to supply digital asset fund product companies to retail traders.
Earlier than that, the agency had unveiled a world crypto buying and selling platform that obtained licensing in Bermuda to supply digital asset buying and selling companies. This platform will function in quite a few nations, excluding China and america.
