Based on a recent statement, HashKey crypto exchange will stop deposits and withdrawals related to Binance wallets by next month. The transition, which will begin on May 10th for deposits and on May 17th for withdrawals, comes at a time of massive challenges for the world in general and the situation at Binance in particular. The announcement was made public on April 19.
The exchange did not give reasons for their sudden action other than claiming it to be a “policy change.”
This has soured the situation for Binance as the company is already reeling from controversies. In early February, the Nigerian administration prohibited Binance after concerns over “currency manipulation” were expressed. The ban covered not only the blocking of access to Binance’s website but also the detention of one executive, Tigran Gambaryan.
Binance’s CEOs confessed that the exchange had to overcome numerous difficulties. As for Gambaryan’s detention, Richard Teng, in charge of Binance, expressed the company’s support for the Government of Nigeria and stated that they are working with the police to find a solution to this problem.
Perlman, COO of Binance, said that the agency waived off the charges but rather imposed the challenge of a monitoring agreement with US regulators. This arrangement comes from a case of money laundering against Binance that resulted in a settlement of $4.3 billion and an independent compliance monitor for three years.
Whether Binance can emerge stronger from this period of turmoil remains to be seen.
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