HashKey Exchange, in response to regulatory adjustments by the Hong Kong Securities and Futures Commission (SFC), has implemented significant changes in its deposit acceptance policies. In a recent blog announcement on December 21, the exchange revealed its intention to align with new regulatory requirements, notably restricting third-party crypto deposits except those originating from Binance.
To comply with regulatory Travel Rule guidelines, HashKey Exchange will solely accept crypto deposits exceeding 8,000HKD (approximately $1,024) from Binance. The exchange clarified its stance, stating, “Currently, HashKey Exchange only accepts a single digital asset deposit of equal amounts greater than 8,000HKD from binance.com. Deposit from other third-party exchanges are not able to accepted.”
However, from January 1, 2024, the exchange will broaden its acceptance criteria, allowing deposits under 8,000HKD from a specified list of 24 designated crypto exchanges. The updated list includes prominent platforms such as Binance, Coinbase, Kraken, Binance.us, Bitfinex, Gemini, Bitstamp, Coincheck, OKX, and several others, expanding accessibility for retail deposits.
HashKey Exchange emphasizes the necessity for users to provide proof of the source of funds during the initial deposit from third-party exchanges. As of the latest update, the exchange supports retail deposits in Bitcoin (BTC) and Ethereum (ETH).
Launched in November, HashKey Exchange positions itself as a compliant crypto trading platform, targeting both institutional and retail investors in the Hong Kong market. This strategic adjustment in deposit policies underscores the exchange’s commitment to adapting to evolving regulatory frameworks while aiming to facilitate a secure and compliant trading environment for its users.
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