Binance’s deposits and withdrawal suspension could impact the crypto market and investors’ confidence.
Hong Kong-licensed cryptocurrency exchange HashKey has announced the suspension of deposits and withdrawals involving Binance, one of the world’s largest crypto exchanges.
According to the announcement, the suspension is due to a policy change. HashKey stated that from May 10, 2024, it will cease to allow any deposits from Binance-hosted wallet addresses.
The platform also mentioned that from May 17, 2024, HashKey exchange will suspend withdrawals to Binance-hosted addresses. However, deposits and withdrawals from personal wallet addresses will not be affected. Transactions involving whitelisted unhosted wallet addresses will remain unaffected by these changes.
Binance’s Suspension Impact To Users.
The suspension of Binance deposits and withdrawals on HashKey is likely to impact many users who rely on the platform for trading and investment purposes, including all transactions related to Binance-linked crypto asset, BNB.
Initially, the exchange planned to allow withdrawals from Bybit, OKX, and 24 other exchanges, including Binance. However, it has now narrowed its focus exclusively to Binance. Presently, withdrawals are limited to whitelist addresses only.
HashKey reassured users that their funds were secured and highlighted the importance of complying with regulatory requirements to ensure long-term sustainability in the crypto space.
HashKey Group Launches HashKey Global Exchange.
HashKey is the largest licensed crypto exchange operator in Hong Kong. It provides comprehensive trading services prepared for both professional and retail investors.
The crypto exchange recently launched its newest subsidiary, HashKey Global, to offers trading pairs for 21 crypto assets and serves eligible retail clients globally. Notably, users residing in mainland China, Hong Kong, and the United States are not eligible for access to the platform’s services.
Interestingly, unlike the crackdown on crypto trading and mining witnessed in neighboring mainland China, Hong Kong embraced crypto-focused firms with open arms in the previous year.
In June 2023, the city introduced its official crypto licensing framework for trading platforms, which enables licensed exchanges to offer retail trading services. At the time of writing, Hong Kong has awarded licenses to two crypto platforms – HashKey Exchange and OSL.