HomeCryptocurrencyHashKey to Suspend Deposits and Withdrawals from Binance Wallets in May

HashKey to Suspend Deposits and Withdrawals from Binance Wallets in May

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Despite the lack of specific details surrounding the policy change, HashKey assures users that the change only affects transactions involving Binance wallets.

On Friday, April 19, crypto exchange HashKey said it would stop allowing deposits and withdrawal requests from wallets hosted by rival company Binance. According to a notice to investors, starting from May 10, the exchange will discontinue accepting deposits from crypto wallets belonging to Binance or whitelisted on the platform, while withdrawals will be suspended on May 17.

A Change in Policy

The Hong Kong-based company cited a “policy change” for suspending deposits and withdrawals from all Binance’s known wallet addresses.  The company did not provide details of the policy change.

“Due to a change in our policy, from May 10, 2024, 00:00 UTC+8, HashKey Exchange will cease to allow any VA deposits from Binance-hosted wallet address(es), and from May 17, 2024, 00:00 UTC+8, HashKey Exchange will cease to allow any VA withdrawals to Binance hosted wallet address(es,” wrote the company.

Despite the lack of specific details surrounding the policy change, HashKey assures users that the change only affects transactions involving Binance wallets. Users with other types of addresses can still deposit and withdraw funds from the exchange without restrictions.

Expansion and Strategic Alliances

Beyond these operational adjustments, HashKey has been making notable strides within the industry after obtaining regulatory approval from the Hong Kong financial regulator to offer services to retail investors in the country.

Earlier this week, the company announced the launch of a global digital assets trading platform for users outside Hong Kong. The newly launched exchange, HashKey Global, debuted in Bermuda after securing an operational license in the country.

For now, the company will only support spot trading of 21 cryptocurrencies such as Bitcoin (BTC), Ethereum (Ether), and stablecoins such as USDT and USDC.

In the future, HashKey plans to add support for future contracts and other types of trading to the platform. Additionally, the crypto exchange will integrate staking features.

Sharing the news on Tuesday, the company’s COO, Livio Weng, said it intends to roll out ” the world’s largest clusters of licensed exchanges within the next five years, surpassing all current regulated exchanges.”

Educational Initiative for Asian Crypto Users

In January 2024, HashKey partnered with Animoca Brands to expand the Web3 ecosystem in Asia. The companies signed a memorandum of understanding (MoU) for a strategic collaboration to introduce cooperative opportunities on digital assets for people in the region.

These opportunities include an educational initiative to equip crypto enthusiasts in Asia with the proper knowledge of the industry. Both companies will provide learning materials and other resources needed to achieve their goal of educating the public about crypto.

Additionally, HashKey and Animoca Brands will collaborate to establish strategic developments to empower the Asian crypto scene. The partnership will allow Animoca Brands to list certain types of digital asset products for trading on HashKey’s platform.

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