Key Points:
Hong Kong's HashKey deposits and withdrawals from Binance have been discontinued due to policy changes.
Shift away from exclusive reliance on Binance reflects HashKey's regulatory compliance focus.
HashKey Group launches HashKey Global, aiming for a Binance-like user experience with Coinbase-like compliance.
Hong Kong's licensed exchange HashKey deposits and withdrawals from Binance would be suspended due to policy adjustments.
HashKey Deposits And Withdrawals From Binance Terminated Amid Policy Changes
Effective May 10, 2024, 00:00 UTC+8, HashKey Exchange will cease allowing any virtual asset (VA) deposits from Binance-hosted wallet addresses. Furthermore, from May 17, 2024, 00:00 UTC+8, VA withdrawals to Binance-hosted wallet addresses will also be prohibited. However, HashKey deposits and withdrawals with unhosted wallet addresses that are whitelisted remain unaffected.
This decision marks a significant shift from HashKey's previous stance, where it exclusively accepted deposits from Binance, the sole third-party exchange.
The exchange's move is attributed to its commitment to meeting regulatory requirements set forth by the Hong Kong Securities and Futures Commission (SFC). HashKey aims to ensure compliance with guidelines such as the Travel Rule, particularly for users transacting amounts exceeding 8,000 HKD (approximately $1,024).
HashKey Group Launches HashKey Global for Enhanced User Experience
Meanwhile, HashKey Group has made strides in the global cryptocurrency scene with the launch of HashKey Global, its international platform. Obtaining a license in Bermuda, the group now competes directly with established players. HashKey Global's approach combines the user experience of Binance with the regulatory standards upheld by platforms like Coinbase, signaling a unique positioning in the market.
The launch of HashKey Global coincides with increasing regulatory scrutiny faced by cryptocurrency exchanges worldwide. Major players have expanded internationally to navigate evolving regulatory landscapes, with Bermuda emerging as a strategic jurisdiction for such ventures.
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