MEXCBinance Only for Large Deposits in HashKey Exchange’s New Rule
Hong Kong-based HashKey Exchange announced a major change in its deposit policy on December 21. The exchange, which serves institutional and retail investors, stated it would only accept cryptocurrency deposits exceeding 8,000HKD (approximately $1,024) from Binance.
This decision aligns with the latest regulatory guidelines the Hong Kong Securities and Futures Commission (SFC) set. The exchange emphasized its commitment to regulatory compliance as the driving force behind this strategic shift.
Details of the New Deposit Policy
Under the new rules, deposits larger than 8,000HKD will be exclusively accepted from Binance, a leading global cryptocurrency exchange. This policy directly responds to the SFC’s regulations, particularly the Travel Rule, which requires enhanced scrutiny and documentation for larger transactions.
HashKey Exchange clarified that deposits from other third-party exchanges exceeding this threshold would not be accepted. However, it is important to note that smaller deposits below the 8,000HKD mark will still be permissible from a list of 24 designated cryptocurrency exchanges.
Starting January 1, 2024, HashKey Exchange will accept smaller deposits from established platforms, including Coinbase, Kraken, Bitfinex, and Gemini. Users making their initial deposit from these third-party exchanges must provide proof of the source of funds, adhering to the exchange’s stringent anti-money laundering (AML) and know-your-customer (KYC) policies. Currently, the exchange supports retail deposits in two major cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH).
Impact and Positioning of HashKey Exchange
Launched in November, HashKey Exchange has been positioning itself as a compliant and secure trading platform in the rapidly evolving Hong Kong cryptocurrency market. By aligning with the SFC’s regulatory framework, HashKey Exchange demonstrates its commitment to legal compliance and the safety of its users. This move also signifies the exchange’s proactive approach to adapting to regulatory changes in the dynamic world of digital assets.
For investors and users of HashKey Exchange, this change heralds a new era of compliance-focused operations. While it imposes certain restrictions, particularly on larger deposits from a wide range of third-party exchanges, it also assures regulatory adherence and operational transparency.
Read Also: Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court
- Breaking: XRP Treasury Evernorth Debuts on Nasdaq Under XRPN Ticker After $1B Token Purchase
- BlockDAG Listing Rumors on Coinbase and Kraken Fuel Hype; But Analysts Urge Caution
- Toobit Introduces Multi-Million Dollar Shield Fund to Protect Traders Against Platform Incidents
- $1.7 Trillion T. Rowe Price Files for First U.S. Spot Shiba Inu ETF, Boosting SHIB’s Adoption
- XRP News: Key Ripple Whale Indicator Turns Bullish After 4 Months, Price Rally Ahead?
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
