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HashKey exchange temporarily halts Binance digital asset transactions

In this post:

  • HashKey Exchange has temporarily suspended digital asset deposits and withdrawals to and from Binance.
  • The case is a response to the policy changes.
  • The move against Binance comes just shortly after HashKey Group officially launched its new global trading platform.

HashKey Exchange, based in Hong Kong, has announced that it is temporarily suspending Binance Digital Asset deposits and withdrawals from/to the exchange. As HashKey Exchange revealed in its press release on Friday, the case is a response to the policy changes made on Thursday.

According to the news release, the deadline for on-chain transactions from Binance-hosted wallet addresses is May 10, 2024, and no virtual assets can be deposited on HashKey Exchange after that date.

Subsequently, before May 17, 2024, the exchange ceases to function, the exchange will deny any cryptocurrency withdrawals sent to addresses that Binance hosts. Firstly, it is necessary to remember that no sums of money will arrive at and withdraw from the addresses of known unhosted wallets.

Hashkey Exchange has offered its users the choice to refer to its policy about Vault Assist deposits and withdrawals and deposits and withdrawals to unhosted wallets.

HashKey launches global platform

HashKey Group recently officially introduced its new worldwide trading platform. The platform will serve more than 20 cryptocurrencies and target people who HashKey Hong Kong won’t serve. The new platform had successfully obtained a digital asset business license in Bermuda, providing compliant trading services.

By their means of hashing the global, individuals can simply trade up to 20 cryptos with stablecoins, among which are Tether (USDT) and USD Coin (USDC) serving as the major source of value more often.

The platform is looking to bring on futures trading to be launched within the first quarter following its establishment. API Corporation uses the digital asset market in Asia as the underlying platform of its end-to-end financial services.

The startup covers the entire spectrum of use cases in the digital assets industry, from trading, a custody solution, venture investments, and the available digital asset technologies to Web3 infrastructure.

Binance regulatory troubles continue

Earlier this February, the Philippine Securities and Exchange Commission (SEC) also blocked Binance, forcing the National Telecommunications Commission (NTC) to direct Internet Service Providers (ISPs) to restrict users from accessing the platform.

The Philippines SEC is developing the rationale for using Binance as something common, as the exchange has heightened concern from government agencies across the world.

One year ago, the CFTC (Commodity Futures Trading Commission) accused Binance of violating regulations by running an unregistered cryptocurrency derivative exchange and evading federal laws.

In the same line, the US Securities and Exchange Commission sued Binance Holdings LTD and its ex-CEO CZ for unregistered stock exchanges, broker-exchanges, clearing houses, and security offerings and sales.

Besides admitting guilt for postponed prosecution, both Binance ecosystem and CZ also admitted to a wide range of federal charges, including unlicensed money transmission and anti-money laundering violations, on November 21, 2023.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ryan Salame
Cryptopolitan
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