HashKey, a cryptocurrency exchange based in Hong Kong, has set May 10, 2024, as the last day for moving digital assets between their platform and Binance.
No More Deposits From Binance Wallets
Based on a recent policy update at HashKey, announced in a memo sent to users on Friday, all deposits from Binance wallets must be completed by May 10. Withdrawals of virtual assets to these same Binance wallets will still be permitted until May 17.
Unlisted, unhosted wallet addresses are exempt from deadline constraints for deposits and withdrawals. This announcement follows Hong Kong’s digital asset provider as they ready the launch of a worldwide crypto platform, offering Binance’s user-friendly experience alongside Coinbase’s regulatory compliance.
The ban on Binance and other cryptocurrency exchanges by the Nigerian government two months ago, which included OctaFX and Coinbase, has added to Binance’s existing troubles on a global scale. This action was taken due to worries over currency speculation in Nigeria. Telecom companies in the country were instructed to restrict access to the websites of these significant cryptocurrency platforms.
Another country besides Nigeria where Binance isn’t unfamiliar with government restrictions is worth mentioning. In the future, Binance aims to alter this trend.
HashKey’s Shifting Business With Binance
Over the past few months, HashKey has been working on updating its deposit rules on their platform.
In December, the Hong Kong company announced its intention to comply with the regulatory rules set by the Securities and Futures Commission (SFC) in the area. As a result, they decided to only process crypto deposits valued over 8,000 HKD, which is equivalent to around $1,024, from Binance.
At present, HashKey Exchange allows deposits of a single digital asset equal to or above 8,000 HKD from binance.com. However, deposits from other exchanges that exceed this amount will not be accepted by HashKey Exchange.
This deposit policy change became effective on January 1 this year.
Approximately one-third of the other cryptocurrency exchanges influenced by this decision include: Coinbase, Kraken, Binance.US, Bitfinex, Gemini, Bitstamp, Coincheck, OKX, Bitflyer, Bybit, Bithumb, Bitget, Upbit, Gate, Mexc, Crypto.com, OSL, Fireblocks, WhaleFin, ACE exchange, XPert Custody, HEX TRUST (HexSafe), and BitMEX.
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2024-04-19 18:20