Hong Kong's Crypto Exchange HashKey's Bitcoin Trading Volume Surpasses Binance

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HashKey Exchange’s Bitcoin Trading Volume Surpasses Binance, Raising Speculations – Crypto News

Published

2 years ago

December 1, 2023

Dripp

Hong Kong’s compliance exchange, HashKey, has come under the spotlight due to its 24-hour Bitcoin trading volume surging to an astonishing $3.48 billion, with a total volume reaching $4.21 billion. This notable increase has brought Hashkey into close competition with industry giant Binance.

HashKey Suspected Of Wash Trades

The sudden surge raised concerns about the possibility of wash trading orchestrated by market makers to accumulate platform coins. Wash trades are frequently buying and selling of the same tokens to increase activity.

The significant surge in trading volume has prompted questions about the legitimacy of these activities and their compliance with crypto regulations set by the Hong Kong Securities and Futures Commission (SFC).

Furthermore, the in-depth analysis highlights that CoinGecko, a reputable cryptocurrency data aggregator, has assigned Hashkey a highly untrustworthy BTC/USD and ETH/USD trust score. The trust score is the measure of the number of orders or transactions booked so that it can estimate the liquidity. This adds another layer of skepticism regarding the exchange’s trading practices and overall credibility.

In August, Hashkey was the first Hong Kong crypto exchange to get a license to offer crypto assets to retail investors. The Hong Kong Securities and Futures Commission (SFC) granted Swiss crypto bank SEBA a license in November, allowing it to provide different crypto-related services to clients in the region.

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COO’s Reaction To The Volume Surge

HashKey Exchange’s Chief Operating Officer, Livio Weng, addressed the occurrence of unexpected and abnormal transactions during the event. He added that HashKey Exchange remains committed to maintaining a fair and transparent trading environment. Any instances of cheating or manipulation will be thoroughly investigated and eliminated to uphold the integrity of the platform.

He also shared the implementation of the current zero-rate fee and HSK activity incentives. These initiatives have not only resulted in a remarkable surge in transaction volume but have also played a pivotal role in significantly enhancing handicap liquidity on the platform.

Weng expressed enthusiasm about the positive response from the HashKey community. In addition to addressing irregularities, Weng shared that the exchange is actively working on optimizing event policies to ensure a seamless and rewarding experience for users.

Also Read: Singapore Takes Bold Action Against $15 Mln Money-Laundering Case Amid Global Push