Hong Kong’s HashKey Exchange Implements Crypto Deposit Restrictions
Hong Kong-based HashKey Exchange has announced that it will only accept crypto deposits greater than $1,024 from Binance. The decision comes in response to regulatory requirements set by the Hong Kong Securities and Futures Commission (SFC). To comply with the Travel Rule guidelines, users who send more than 8,000HKD (around $1,024) will need to adhere to specific regulations.
βCurrently, 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.β
– HashKey Exchange
Deposit Allowances and Requirements
Deposits below 8,000HKD will be allowed from 24 designated crypto exchanges. Starting January 1, 2024, deposits of less than 8,000HKD will be accepted from exchanges such as Binance, Coinbase, Kraken, Bitfinex, and more. Users must provide proof of the source of funds during the initial deposit from third-party exchanges. Currently, HashKey Exchange supports retail deposits in Bitcoin (BTC) and Ethereum (ETH).
About HashKey Exchange
Launched in November, HashKey Exchange caters to institutional and retail investors. It positions itself as a compliant crypto trading platform within the Hong Kong market.
Hot Take: HashKey Exchange Implements Crypto Deposit Restrictions to Comply with Regulatory Requirements
Hong Kong-based HashKey Exchange has announced that it will only accept crypto deposits greater than $1,024 from Binance in order to meet regulatory requirements set by the Hong Kong Securities and Futures Commission (SFC). This move aims to ensure compliance with the Travel Rule guidelines. While deposits below 8,000HKD will be permitted from 24 designated exchanges, users will need to provide proof of the source of funds when depositing from third-party exchanges. HashKey Exchange positions itself as a compliant crypto trading platform in the Hong Kong market, catering to both institutional and retail investors.
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