HashKey Exchange in Hong Kong will no longer support the transfer of digital assets to and from Binance wallets, with a deadline set for May 10, 2024. This decision, communicated through a recent memo to platform users, marks a shift in policy regarding deposits and withdrawals involving Binance-hosted wallet addresses. Deposits from such addresses will cease by May 10, while withdrawals will remain possible until May 17.

The upcoming changes at HashKey Exchange do not impact transactions with whitelisted unhosted wallet addresses. This move aligns with the exchange's strategy to launch a new global crypto platform that aims to blend the user-friendly experience of Binance with the regulatory standards of Coinbase.

This decision by HashKey adds to the challenges faced by Binance on a global scale. Recent events, like the Nigerian government's ban on several cryptocurrency exchanges including Binance, OctaFX, and Coinbase, have put pressure on the industry. Such regulatory actions have prompted a reevaluation of Binance's operations in various regions.

HashKey Exchange has been gradually adjusting its deposit policies over the past few months to comply with regulations set by the Securities and Futures Commission (SFC) in Hong Kong. Starting from January 1 this year, the exchange implemented a new rule accepting only crypto deposits exceeding 8,000 HKD (approximately $1,024) from Binance. This policy change reflects HashKey's commitment to regulatory compliance and responsible crypto trading practices.

In addition to Binance, other major exchanges like Coinbase, Kraken, and Bitfinex are also affected by HashKey's revised deposit policy. The exchange's focus on meeting regulatory requirements and enhancing security measures underscores its dedication to fostering a safe and compliant crypto trading environment for users worldwide.