24/7 Cryptocurrency News

Binance Only for Large Deposits in HashKey Exchange’s New Rule

Binance becomes exclusive for large deposits at HashKey Exchange under new SFC guidelines, enhancing regulatory compliance.
Published by
Binance 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.

Advertisement

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).

Advertisement

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

Advertisement

Share
Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM

BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has become the most bought exchange-traded fund…

October 8, 2025
  • 24/7 Cryptocurrency News

MetaMask Launches Hyperliquid Perpetuals In-App, Plans To Integrate Polymarket

MetaMask has officially introduced perpetuals trading on its platform, powered by Hyperliquid. Meanwhile, the crypto…

October 8, 2025
  • 24/7 Cryptocurrency News

XRP Treasury Holdings Hits $11.5B as Nasdaq-Listed Reliance Global Adds $17M in Fresh Buy

XRP holdings in corporate treasuries have now surpassed $11.5 billion in value. This follows news…

October 8, 2025
  • 24/7 Cryptocurrency News

FOMC Minutes, Jerome Powell Speech: Will Bitcoin Recover or Retrace Further?

Bitcoin and altcoins falter ahead of the FOMC Minutes release and Jerome Powell speech due…

October 8, 2025
  • 24/7 Cryptocurrency News

“Meme Coin SZN Is Here,” Says CZ As GIGGLE, 4 Price Skyrocket to All time Highs

Binance’s Changpeng “CZ” Zhao made a post suggesting the start of the BNB meme coin…

October 8, 2025
  • 24/7 Cryptocurrency News

CZ’s YZi Labs Commits $1 Billion Builder Fund As Binance Coin Surpasses XRP

Changpeng "CZ" Zhao's family office YZi Labs announced $1 billion Builder Fund to fuel BNB…

October 8, 2025