HashKey has started sharing user data with Binance for deposits and withdrawals

The innovation is related to the requirement of the Hong Kong regulator to comply with FATF rules

08.01.2024 - 10:32

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2 min

What’s new? Crypto exchange HashKey, the first to receive a license from the Hong Kong regulator to work with retail customers, has started to comply with the so-called “Travel Rule” of the International Financial Action Task Force (FATF). It requires companies to share customer information when making transfers to identify suspicious transactions.

The exchange’s blog entry

What else is known? HashKey clarified that it has made adjustments to the deposit and withdrawal processes between its own platform and third-party exchanges due to an order from Hong Kong authorities that came into effect on January 1. The changes do not affect over-the-counter wallets.

At the same time, HashKey currently supports the exchange of funds only with the global crypto exchange Binance. Thus, users can fund their HashKey accounts from Binance Global accounts and vice versa.

HashKey assured that it will gradually add to the list of supported exchanges. In December, the company announced cooperation with 24 platforms.

The UK regulator obliged local firms to comply with the Travel Rule since September 1 last year. According toPwC, the need to comply with FATF rules was discussed in most of the countries surveyed during the year.

Earlier, Hong Kong-based virtual bank ZA Bank, which has partnered with HashKey, announced the launch of a cryptocurrency-to-fiat exchange service for retail investors.

Late last year, Hong Kong regulators published a blueprint for regulating fiat-linked stablecoins and began accepting applications to launch spot exchange-traded funds (ETFs) based on cryptocurrencies.

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