In a recent announcement, HashKey, a crypto exchange based in Hong Kong, revealed its decision to cease support for Binance-related transactions. The platform stated that starting on May 10, they will restrict deposits from Binance and by May 17, they will no longer support virtual asset withdrawals to Binance-hosted wallet addresses.
Transactions involving virtual assets to whitelisted unhosted wallet addresses, which are verified and authenticated by the exchange, will not be affected by this change. HashKey did not provide specific details about the reason behind this decision, simply attributing it to “a change in its policy.”
This move comes after HashKey, one of the few licensed exchanges in Hong Kong catering to institutional and retail investors, terminated support for crypto deposits from all third-party exchanges except Binance in December 2023.
The decision by HashKey adds to the regulatory challenges faced by Binance across different legal jurisdictions. Recently, an entity linked to the crypto trading platform in Hong Kong closed operations and withdrew its licensing application. Nigerian authorities also detained two executives from the platform, accusing Binance of worsening their foreign exchange challenges.
Despite these challenges, Binance has been focusing on compliance and regulatory efforts, making progress in countries like India and Dubai. On the other hand, HashKey has been making advancements in its operations, including receiving regulatory clearance to co-launch a spot Bitcoin exchange-traded fund with Bosera International. The platform also unveiled a global crypto trading platform licensed in Bermuda.
These developments come amidst ongoing changes and challenges in the cryptocurrency industry.
