Hong Kong’s Top Crypto Exchange HashKey Implements New Guidelines With 2024

Crypto News – The HashKey exchange in Hong Kong formally implemented new regulations at the beginning of this year to comply with the Travel Rule.

Hong Kong’s Top Crypto Exchange HashKey Implements New Guidelines With 2024

A set of legal guidelines known as the Hong Kong Travel Rule applies to cryptocurrency exchanges and other virtual asset service providers (VASPs). The Financial Action Task Force’s (FATF) global criteria are met by this regulation.

With its contacts with third-party exchanges in particular, the modification will drastically alter the platform’s deposit and withdrawal procedures. When it released the upgrade last month, HashKey had intended to integrate 24 exchanges. However, it has now only done so with Binance. As a result, starting January 1, HashKey has only accepted deposits of virtual currency from Binance Global. All the same, HashKey plans to steadily increase this list, although deposits from exchanges other than Binance will not be supported.

Existing Whitelisting Procedure to be Maintained

Changes are also being made to withdrawal procedures. The present whitelisting procedure is preserved by this update, but withdrawals to exchanges other than Binance that were previously authorized are no longer valid. Revalidation is not necessary for addresses on Binance that were already whitelisted. According to Wu Blockchain’s tweet, HashKey Exchange stresses how crucial it is to make sure that, starting on January 1, 2024, all third-party exchange deposit and withdrawal agreements comply with the new rules.