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HashKey Exchange Announces End of Binance Support
Cryptocurrency exchange HashKey has declared that it will cease support for transactions related to Binance in the coming month. The Hong Kong-based crypto trading platform released a statement on April 19 detailing its plans to restrict deposits from Binance starting May 10. Furthermore, it will terminate support for virtual asset withdrawals to Binance-hosted wallet addresses by May 17. Nevertheless, transactions involving virtual assets to whitelisted unhosted wallet addresses will not be impacted, as these addresses are verified and authenticated by the exchange.
HashKey cited “a change in its policy” as the reason for this decision, without offering further specifics regarding the new rules. In December 2023, HashKey terminated support for crypto deposits from all third-party exchanges, except Binance. During that time, the exchange declared that it would only accept deposits exceeding 8,000 Hong Kong dollars from Binance, subject to specific guidelines.
HashKey Exchange, a licensed exchange in Hong Kong, caters to both institutional and retail investors. The discontinuation of support for Binance-related transactions aligns with a series of regulatory challenges faced by Binance across multiple jurisdictions.
Binance Regulatory Challenges
The decision by HashKey to sever ties with Binance adds to the mounting legal issues confronting the cryptocurrency exchange. Recently, an entity linked to Binance in Hong Kong, HKVAEX, abruptly ceased operations and withdrew its licensing application. Nigerian authorities took action against two executives from the platform, accusing Binance of worsening foreign exchange challenges in the country. Notably, Binance has shifted towards a compliance-first approach, making substantial progress in its regulatory endeavors, particularly in India and Dubai.
HashKey’s Recent Developments
In contrast, HashKey has demonstrated significant progress in its operational activities in recent weeks. HashKey Capital disclosed on April 15 that it had received regulatory approval to co-launch a spot Bitcoin exchange-traded fund (ETF) in collaboration with Bosera International. A spokesperson for the platform revealed that the Hong Kong Securities and Futures Commission (SFC) sanctioned an upgrade of its existing License 9 to provide virtual asset fund product services to retail investors.
Moreover, HashKey unveiled a global crypto trading platform that secured licensing in Bermuda to offer digital asset trading services. This platform is set to operate in numerous countries, with the exception of China and the United States, showcasing HashKey’s expanding reach and commitment to providing innovative digital asset solutions to investors worldwide.
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