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HashKey Halts Binance Wallet Address Deposits and Withdrawals

HashKey Halts Binance Wallet Address Deposits and Withdrawals

HashKey will no longer handle withdrawals and deposits connected to Binance.

This sunsetting is scheduled to end on May 10.

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According to its assertion, this severe ruling resulted from a policy shift.

Hong Kong cryptocurrency exchange HashKey has set May 10, 2024, as the date to cease transferring digital assets to and from the popular trading platform Binance.

No More Binance Wallet Deposits 

On Friday, HashKey sent users a message stating that they decided to cease deposits and withdrawals from the Binance wallet address due to a new platform policy modification. The cutoff date for withdrawals from wallet addresses hosted by Binance is May 10. Up to May 17, virtual asset withdrawals to these identical wallet addresses hosted by Binance will be possible.

The deadlines do not affect withdrawals or deposits to whitelisted unhosted wallet addresses. Hong Kong-based digital asset service provider is releasing the latest information as it prepares to launch a global cryptocurrency platform that combines Coinbase’s regulatory compliance with Binance’s user experience.

The decision made by HashKey exacerbates Binance’s worldwide problems. Two months ago, the Nigerian government outlawed the top cryptocurrency exchange, along with Coinbase and OctaFX, due to worries about currency speculation in the nation of West Africa. Telecommunication businesses in Nigeria were given stringent orders to ban access to the websites of these notable Bitcoin firms. 

Aside from Nigeria, Binance is familiar with regional government prohibitions, a situation it hopes to reverse.

The Changing Business of HashKey With Binance

HashKey has been working on modifying its platform’s deposit policies for the past few months. 

In December, the Hong Kong company declared that it aimed to comply with the rules set forth by the Securities and Futures Commission (SFC) in the area. As a result, it decided only to accept cryptocurrency deposits from Binance totalling more than 8,000 HKD, or roughly $1,024.

HashKey Exchange said, “At this time, HashKey Exchange only accepts a single digital asset deposit from binance.com of equal amounts greater than 8,000HKD.” However, we will only approve deposits from other third-party exchanges up to this amount.

This year’s January 1 marked the implementation of the new deposit policy.

Several third-party exchanges are affected by the ruling. These include Coinbase, Kraken, Binance.US, and Bitfinex. Additionally, exchanges like Gemini, Bitstamp, and Coincheck are impacted. Other affected platforms are OKX, Bitflyer, Bybit, and Bithumb. Also, Bitget, Upbit, Gate, and Mexc are among those affected. Furthermore, Crypto.com, OSL, Fireblocks, and WhaleFin are impacted. Lastly, ACE exchange, XPert Custody, HEX TRUST (HexSafe), and BitMEX are affected.

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