HashKey Exchange, a licensed cryptocurrency exchange headquartered in Hong Kong, has made an announcement regarding the temporary suspension of digital asset deposits and withdrawals specifically involving Binance, a prominent cryptocurrency exchange.
According to the announcement released on Friday, this decision has been prompted by recent policy adjustments implemented by HashKey Exchange. Effective from May 10, 2024, HashKey Exchange will cease to accept any virtual asset deposits from wallet addresses hosted by Binance. Additionally, starting from May 17, 2024, the exchange will discontinue allowing cryptocurrency withdrawals to wallet addresses hosted by Binance.
It’s important to note that these changes will not impact deposits from or withdrawals to whitelisted unhosted wallet addresses.
HashKey Exchange has also provided links for users to access detailed information regarding their policies concerning virtual asset deposits and withdrawals to unhosted wallet addresses.
The suspension of transactions involving Binance follows closely after HashKey Group’s recent launch of its new global trading platform. This platform, operated by HashKey Group, offers trading services for over 20 cryptocurrencies and is targeted towards international users not serviced by HashKey Hong Kong. The platform is compliant and has secured a digital asset business license in Bermuda.
HashKey Global enables individual investors to trade a variety of cryptocurrencies, including stablecoins like Tether (USDT) and USD Coin (USDC). Additionally, the platform plans to introduce futures trading within the first quarter following its launch.
HashKey Group is a comprehensive digital asset financial services group based in Asia, offering a wide range of services spanning trading, custody, venture investment, and Web3 infrastructure technologies.
This suspension comes amidst ongoing regulatory challenges faced by Binance. In recent events, the Philippine Securities and Exchange Commission blocked access to Binance within the country, with the National Telecommunications Commission directing internet service providers to restrict access to the exchange.
Binance has encountered regulatory scrutiny globally, including charges filed by the US Commodity Futures Trading Commission (CFTC) for allegedly operating an illegal digital asset derivatives exchange and evading federal laws. Additionally, the US Securities and Exchange Commission charged Binance Holdings LTD and its former CEO, Changpeng Zhao (CZ), for allegedly operating unregistered exchanges and engaging in the unregistered sale of securities. Binance and CZ pleaded guilty to various federal charges, leading to CZ’s resignation as CEO as part of the agreement with the Department of Justice.