Starting next month, HashKey crypto exchange will no longer support deposits and withdrawals linked to Binance wallets. This change, effective for deposits on May 10th and withdrawals on May 17th, is taking place amidst a multitude of challenges globally and specifically for Binance. The news was made known to the public on April 19th.
Starting on April 19, HashKey, a licensed digital asset exchange based in Hong Kong, announced that it will temporarily halt deposits and withdrawals of digital assets linked to Binance due to changes in their platform policies. Previously, HashKey had only allowed deposits from Binance, making it the sole third-party exchange they accepted.
— Wu Blockchain (@WuBlockchain) April 19, 2024
The exchange didn’t provide explanations for their unexpected move, instead labeling it as merely a “change in policy.”
Binance faced further troubles in early February when the Nigerian authorities took action against the company due to concerns over alleged currency manipulation. As a result, Binance’s website was blocked and one executive, Tigran Gambaryan, was arrested.
Binance’s leaders admitted facing several challenges with their exchange. Regarding Gambaryan’s arrest, Binance’s head, Richard Teng, expressed sympathy for the Nigerian government’s actions and is collaborating with local authorities to resolve this issue.
Perlman, Binance’s COO, shared that US regulators dropped the fines but instead required a monitoring agreement as part of the resolution. This stems from Binance’s past money laundering allegations leading to a $4.3 billion settlement and an independent compliance overseer for three years.
Whether Binance can emerge stronger from this period of turmoil remains to be seen.
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2024-04-21 01:40