Amidst mounting global challenges, Hong Kong-based crypto exchange HashKey has announced its decision to cease processing deposits and withdrawals linked to Binance wallets.

In a statement issued on April 19, HashKey disclosed that the suspension would commence next month, with deposits ceasing on May 10 and withdrawals on May 17. While the exchange did not delve into specific reasons for this policy change, it cited it as a necessary adjustment.

However, transactions involving crypto assets to verified and authenticated unhosted wallet addresses, commonly referred to as whitelisted addresses, will remain unaffected by HashKey's decision.

This move by HashKey adds to the array of obstacles confronting Binance on a global scale. Earlier in February, the Nigerian government imposed a ban on Binance due to apprehensions regarding currency speculation within the country. This resulted in Nigerian telecommunications companies being directed to block access to prominent crypto firms' websites. Moreover, the detention of Binance executive Tigran Gambaryan and allegations of another executive hiding in Kenya exacerbated the situation.

At the ongoing Token 2049 event in Dubai, Binance's top executives, CEO Richard Teng and COO Noah Perlman, addressed the challenges confronting the crypto exchange. Teng reassured stakeholders regarding Gambaryan's situation, emphasizing the company's active engagement with the Nigerian government to seek resolution. Additionally, he underscored Binance's commitment to collaborating with global law enforcement agencies to combat financial crimes.

Meanwhile, COO Perlman shed light on the hurdles posed by the monitoring agreement with U.S. regulators, stemming from Binance's plea agreement with the U.S. Department of Justice. As part of the settlement, Binance admitted guilt to money laundering charges and agreed to a $4.3 billion settlement, mandating an independent compliance monitor for three years and prompting Binance's founder and CEO Changpeng Zhao to step down from his role. This agreement essentially positioned the U.S. as a regulatory overseer for Binance's global operations, presenting a new regulatory landscape for the exchange.