HashKey, a cryptocurrency exchange based in Hong Kong, has declared that they will no longer process deposits or facilitate withdrawals for accounts connected to Binance.
On April 19, Hashkey announced that starting next month, deposits will no longer be accepted after May 10, and withdrawals will not be processed until May 17.
Starting April 19, HashKey, a licensed digital asset exchange in Hong Kong, announced that they would halt deposits and withdrawals of digital assets linked to Binance due to changes in their platform policies. Previously, HashKey had exclusively allowed deposits from Binance, making it the sole third-party exchange they accepted.
— Wu Blockchain (@WuBlockchain) April 19, 2024
Hashkey merely mentioned that this was a “shift in their company policy.”
According to the announcement from the exchange, transactions using crypto assets to approved and validated unhosted wallet addresses, referred to as “whitelisted addresses,” will not be impacted.
HashKey’s recent move creates additional hurdles for Binance in its international operations. Back in February, Nigeria prohibited Binance from serving its citizens due to worries over speculative trading in the local currency.
The Nigerian authorities ordered telecom companies in Nigeria to prevent access to the websites of notable cryptocurrency businesses. As a result, an executive from Binance, named Tigran Gambaryan, was apprehended, and there are allegations that another executive is currently hiding in Kenya.
At the current Token 2049 event in Dubai, Binance’s leading figures, CEO Richard Teng and COO Noah Perlman, brought up the challenges their cryptocurrency exchange is encountering.
Teng spoke to Gambaryan about the issue at hand, reassuring him that our company was working closely with the Nigerian authorities to find a solution.
Additionally, he highlighted Binance’s commitment to working with international law enforcement teams to prevent financial misconduct.
COO Perlman acknowledged the challenges presented by Binance’s monitoring deal with American regulators, which emerged following Binance’s plea agreement with the U.S. Department of Justice. This agreement came about after Binance confessed to money laundering allegations and agreed to a $4.3 billion settlement to settle the case.
An independent compliance monitor was required by the deal for a period of three years, meaning the US assumed the role of regulatory overseer for Binance’s international business transactions.
It also saw Binance’s founder and CEOChangpeng Zhao step down from his role.
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2024-04-20 19:42