HashKey Seeks To Halts Binance Wallet Deposits and Withdrawals

Hong Kong HashKey Exchange plans to discontinue support for deposits and withdrawals from Binance wallets.

Hong Kong-based crypto exchange HashKey has set May 10, 2024, as the deadline for halting digital asset transfers to and from the industry-leading Binance. 

No More Deposits from Binance Wallets

According to a memorandum distributed to platform users on Friday, the decision was based on a revised policy regarding HashKey. 

However, the deadline for stopping deposits from Binance-hosted wallet addresses is May 10. 

Withdrawals of virtual assets to the same Binance-hosted wallet addresses will remain accessible until May 17.

Meanwhile, the deadlines do not impact withdrawals and deposits to whitelisted unhosted wallet addresses. 

The Hong Kong-based digital asset service provider is preparing to introduce a worldwide cryptocurrency platform that integrates Binance’s user-friendly interface with the regulatory adherence of Coinbase. 

The HashKey decision exacerbates the worldwide challenges Binance faces. 

Two months ago, the Nigerian government prohibited the leading cryptocurrency exchange, along with OctaFX and Coinbase. 

Moreover, this resulted from concerns regarding currency speculation in the West African nation. 

Prominent cryptocurrency firms’ websites were subject to stringent access-blocking directives issued to telecommunications firms operating in Nigeria. 

Binance is also familiar with regulations imposed by regional governments, a circumstance it aspires to rectify soon.

HashKey’s Shifting Business With Binance

Over the past few months, HashKey has been diligently working on modifications to its platform’s deposit policy. 

In December, the Hong Kong firm declared its intention to comply with the regulatory mandates issued by the region’s Securities and Futures Commission (SFC). 

However, as a result, the platform determined that it would exclusively take cryptocurrency deposits from Binance that exceeded 8,000 HKD, or approximately $1,024.

HashKey Exchange officially announced that, at this time, it restricts the acceptance of digital asset deposits from binance.com to a single transaction in identical or more significant amounts than 8,000HKD. 

However, deposits from third-party exchanges that surpass this threshold are unacceptable.

This modification to the deposit policy went into effect on January 1 of this year.

Other third-party exchanges impacted by the decision include Bitfinex, Binance.US, Coinbase, Kraken, Gemini, Bitstamp, Coincheck, OKX, Bitflyer, Bybit, Bithumb, Bitget, Upbit, Gate, Mexc, WhaleFin, OSL, Fireblocks, ACE exchange, XPert Custody, HEX TRUST (HexSafe), and BitMEX.