HashKey Exchange, a licensed exchange based in Hong Kong, has announced that it will temporarily halt digital asset deposits and withdrawals to and from Binance. The decision, announced on Friday, is due to policy adjustments at HashKey Exchange. Starting from May 10, 2024, HashKey will no longer accept virtual asset deposits from wallet addresses hosted by Binance. Additionally, from May 17, 2024, the exchange will discontinue allowing cryptocurrency withdrawals to Binance-hosted wallet addresses. It’s noteworthy that deposits and withdrawals to whitelisted unhosted wallet addresses will remain unaffected by these updates. HashKey Exchange has also provided links for users to review their policy on virtual asset deposits and withdrawals to unhosted wallet addresses.
HashKey Launches Global Platform
The action against Binance comes shortly after the HashKey Group unveiled its new international trading platform, HashKey Global, which features over 20 cryptocurrencies aimed at international users not currently served by HashKey Hong Kong. The platform recently received a digital asset business license from Bermuda, enabling it to offer compliant trading services globally.
HashKey Global allows individual investors to trade a variety of cryptocurrencies with stablecoins such as Tether (USDT) and USD Coin (USDC). Additionally, the platform is planning to launch futures trading within the first quarter following its introduction.
HashKey Group operates as a comprehensive digital asset financial services entity in Asia, offering a broad spectrum of services. These include trading, custody, venture investment, technology solutions, and Web3 infrastructure development.
Binance Regulatory Troubles Continue
Earlier this month, the Philippine Securities and Exchange Commission (SEC) took action against Binance by blocking the cryptocurrency exchange, with the National Telecommunications Commission (NTC) directing ISPs in the country to restrict access to Binance’s platform. This move by the Philippine SEC is part of a broader pattern of increasing regulatory scrutiny that Binance has faced globally.
In the previous year, the U.S. Commodity Futures Trading Commission (CFTC) brought charges against Binance, accusing it of illegally operating a digital asset derivatives exchange and circumventing federal regulations.
Similarly, the U.S. Securities and Exchange Commission (SEC) filed charges against Binance Holdings LTD and its former CEO, Changpeng Zhao (CZ), alleging operations of unregistered exchanges and brokerages, unregistered clearinghouses, and unauthorized securities offerings.
Binance and CZ admitted to several federal charges, including violations of anti-money laundering laws and operating without a money transmission license, on November 21, 2023. As part of a settlement with the Department of Justice, CZ resigned from his position as CEO of Binance.
