HashKey Exchange Suspends Binance Deposits and Withdrawals Citing Policy Adjustments

HashKey Exchange, a licensed exchange based in Hong Kong, has announced the temporary suspension of digital asset deposits and withdrawals to and from Binance.In a Friday announcement, the company said that the decision comes as a result of policy adjustments implemented by HashKey Exchange.Per the announcement, HashKey Exchange will no longer accept any virtual asset deposits from Binance hosted wallet addresses effective from May 10, 2024.Furthermore, starting from May 17, 2024, the exchange will cease to allow any crypto withdrawals to Binance hosted wallet addresses.It’s important to note that 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 just shortly after HashKey Group officially launched its new global trading platform, offering over 20 cryptocurrencies and targeting international users not served by HashKey Hong Kong.As reported, 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.The company provides a range of services across the entire digital asset landscape, ranging from trading, custody, venture investment, and technologies to Web3 infrastructure.

Binance Regulatory Troubles Continue

Earlier this month, the Philippine Securities and Exchange Commission blocked Binance, with the National Telecommunications Commission (NTC) directing ISPs in the country to block access to the exchange. The Philippine SEC’s ban on Binance is not an isolated incident, as the exchange has faced increasing regulatory scrutiny worldwide.Last year, the Commodity Futures Trading Commission (CFTC) 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, which was part of the agreement with the DOJ.