HashKey To Cease Deposits and Withdrawals From Binance Wallet Address

Hong Kong cryptocurrency exchange HashKey has announced May 10, 2024, as the deadline to stop the transfer of digital assets to and from leading trading platform Binance. 

No More Deposits From Binance Wallets

The decision came on the premise of a new policy change on HashKey, per the memo that was addressed to users of the platform on Friday. The May 10 deadline is for the cessation of deposits from Binance-hosted wallet addresses. Virtual asset withdrawals to these same Binance-hosted wallet addresses will be available until May 17.

The deadlines do not affect deposits from and withdrawals to whitelisted unhosted wallet addresses. The new development comes as the Hong Kong digital asset service provider prepares to launch a global crypto platform that combines the user experience of Binance with the regulatory compliance of Coinbase. 

This HashKey decision further compounds Binance’s global woes. Two months ago, the Nigerian government banned the leading cryptocurrency exchange alongside others like OctaFX and Coinbase. This was due to currency speculation concerns in the West African country. Telecommunication firms in Nigeria were given strict orders to block access to the websites of these prominent cryptocurrency firms. 

Besides Nigeria, Binance is also not a stranger to regional government bans, an outlook it is looking at changing in the long term.

HashKey’s Shifting Business With Binance

For the last couple of months, HashKey has been in the process of making some deposit policy changes on its platform. 

In December, the Hong Kong firm stated that it wanted to meet the regulatory requirements promulgated by the Securities and Futures Commission (SFC) in the region. Consequently, it decided that it would only accept crypto deposits worth more than 8,000 HKD, approximately $1,024, from Binance.

“Currently, HashKey Exchange only accepts a single digital asset deposit of equal amounts greater than 8,000HKD from binance.com,” HashKey Exchange stated. On the other hand, deposits from other third-party exchanges exceeding this threshold would not be accepted.

This deposit policy change became effective on January 1 this year.

The other third-party exchanges affected by the decision are 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.