HashKey Exchange Navigates Regulatory Changes

HashKey Exchange, a Hong Kong-licensed cryptocurrency exchange, is affected by regulatory changes.

Because of regulatory changes, the Hong Kong-licensed cryptocurrency exchange HashKey Exchange has decided to stop processing deposits and withdrawals associated with Binance addresses. Before, HashKey only allowed deposits from Binance, making it clear that no other exchange was acceptable.

We will disable all cryptocurrency deposits made to Binance addresses starting at 0:00 UTC on May 10th. Additionally, starting from 00:00 UTC on May 17th, Binance will temporarily disable all withdrawals to its associated addresses. Nevertheless, these modifications will have no impact on transactions that involve whitelisted, unhosted wallet addresses.

The exchange has already announced plans to integrate with 24 more exchanges in the near future, including Binance, OKX, and Bybit. Nevertheless, in order to concentrate entirely on Binance, it has subsequently reduced its integration ambitions. At this time, whitelist addresses are the only ones that may process withdrawals.

Hong Kong’s new Travel Rule for virtual asset service providers (VASPs), which encompasses cryptocurrency exchanges, is in line with international standards set by the Financial Action Task Force (FATF), and these regulations are a direct result of the exchange’s domestic platform operations in the city.

The HashKey Group’s New HashKey Global Exchange Broadens Their Crypto Offerings

The largest regulated cryptocurrency exchange operator in Hong Kong, HashKey Group, backs HashKey Exchange, which provides full-service trading for institutional and individual clients. Recently, HashKey Global, the newest addition to the HashKey family of exchanges, made its announcement. It caters to qualified retail consumers all around the globe and offers trading pairings for twenty-one different cryptocurrencies. Unfortunately, the platform’s services are not available to users residing in the US, Hong Kong, or mainland China.

Hong Kong welcomed bitcoin-focused businesses last year, in contrast to mainland China’s broad crackdown on cryptocurrency trading and mining. In June 2023, the city formally introduced its cryptocurrency trading platform licensing scheme, allowing regulated exchanges to provide retail trading services. Two platforms—HashKey Exchange and OSL—have received licenses from Hong Kong thus far.