📰 Table Of Contents
HashKey Exchange Temporarily Suspends Deposits and Withdrawals to Binance
HashKey Exchange, a licensed exchange based in Hong Kong, has announced the temporary suspension of digital asset deposits and withdrawals to and from Binance. This decision is a result of policy adjustments implemented by HashKey Exchange.
Changes in Deposit and Withdrawal Policies
- Effective from May 10, 2024, HashKey Exchange will no longer accept any virtual asset deposits from Binance hosted wallet addresses.
- Starting from May 17, 2024, the exchange will cease to allow any crypto withdrawals to Binance hosted wallet addresses.
- Deposits from and withdrawals to whitelisted unhosted wallet addresses will not be affected by these changes.
HashKey Exchange has provided links for users to access their policy regarding VA deposits and withdrawals to unhosted wallet addresses.
HashKey Launches Global Platform
The move against Binance comes shortly after HashKey Group launched its new global trading platform, offering over 20 cryptocurrencies and targeting international users not served by HashKey Hong Kong. The new platform has secured the digital asset business license in Bermuda to provide compliant trading services.
Through HashKey Global, individual investors can trade more than 20 cryptos with stablecoins, including Tether (USDT) and USD Coin (USDC). The platform plans to introduce futures trading within the first quarter post its launch.
HashKey Group is an end-to-end digital asset financial services group in Asia, providing a range of services across the entire digital asset landscape, ranging from trading, custody, venture investment, and technologies to Web3 infrastructure.
Binance Regulatory Troubles
Earlier this month, the Philippine Securities and Exchange Commission blocked Binance, with the National Telecommunications Commission directing ISPs in the country to block access to the exchange. The ban on Binance in the Philippines is part of the increasing regulatory scrutiny faced by the exchange worldwide.
Last year, the Commodity Futures Trading Commission filed charges against Binance for allegedly operating an illegal digital asset derivatives exchange and evading federal laws. Similarly, the US Securities and Exchange Commission charged Binance Holdings LTD and ex-CEO Changpeng Zhao (CZ) for allegedly operating unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.
Binance and CZ pleaded guilty to a range of federal charges, including anti-money laundering violations and unlicensed money transmission, on November 21, 2023. CZ later resigned as the CEO of Binance as part of the agreement with the DOJ.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
