Crypto trade HashKey stated it will 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 will limit deposits from Binance beginning Could 10 and finish assist for digital asset withdrawals to Binance-hosted pockets addresses by Could 17.
Nonetheless, transactions involving digital property to whitelisted unhosted pockets addresses will stay unaffected. These addresses are verified and authenticated by the trade.
HashKey attributed its resolution to “a change in its coverage” however didn’t present further particulars in regards to the new guidelines.
In December 2023, HashKey terminated assist for crypto deposits from all third-party exchanges besides Binance. On the time, the trade introduced it will solely settle for deposits exceeding 8,000 HKD from Binance, topic to particular tips.
HashKey Change is without doubt one of the few licensed exchanges in Hong Kong and caters to each institutional and retail traders.
Binance regulatory woes
HashKey’s resolution 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 trade of exacerbating its overseas trade challenges.
Nonetheless, Binance has just lately adopted a compliance-first strategy and made important strides in its regulatory push, notably in India and Dubai.
HashKey’s developments
Over the previous month, HashKey has made notable developments in its operations.
On April 15, HashKey Capital stated it acquired 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) authorised upgrading its current License 9 to allow it to supply digital asset fund product providers to retail traders.
Earlier than that, the agency had unveiled a worldwide crypto buying and selling platform that acquired licensing in Bermuda to supply digital asset buying and selling providers. This platform will function in quite a few nations, excluding China and america.
