Hong Kong-compliant exchange HashKey has attracted attention as its 24-hour Bitcoin volume increased to a staggering $3.48 billion, with total volume reaching $4.21 billion.
This notable increase has put Hashkey in close competition with industry giant Binance.
HashKey is suspected of money laundering transactions
The sudden increase raises concerns about the possibility of laundered transactions orchestrated by market makers to accumulate platform funds. Laundering traders frequently buy and sell the same Token to increase activity.
The spike in volume has raised questions about the legality of these activities and compliance with cryptocurrency regulations set by the Hong Kong Securities and Futures Commission ( SFC ).
Furthermore, in-depth analysis highlighted that CoinGecko, a reputable cryptocurrency data aggregator, assigned Hashkey very unreliable BTC/USD and ETH/USD trust scores.
Confidence score is a measure of the number of orders or trades placed so that liquidation can be estimated.
This adds another layer of skepticism regarding the exchange's trading operations and overall reliability.
In August, Hashkey was the first cryptocurrency exchange in Hong Kong to receive a license to offer Cryptoasset to retail investors.
Hong Kong's Securities and Futures Commission (SFC) granted a license to Swiss crypto bank SEBA in November, allowing it to offer various crypto-related services to customers. in the area.
COO's response to volume increase
HashKey Exchange CEO Livio Weng addressed the occurrence of unexpected and unusual transactions during the event.
He added that HashKey Exchange remains committed to maintaining a fair and transparent trading environment. Any instances of fraud or manipulation will be thoroughly investigated and removed to maintain the integrity of the platform.
He also Chia the implementation of the current 0% fee and HSK operating incentives. These initiatives have not only led to a significant increase in volume but have also played a pivotal Vai in significantly enhancing PWD liquidation on the platform.
Weng expressed excitement at the positive response from the HashKey community. In addition to resolving irregularities, Weng Chia that the exchange is actively working to optimize event policies to ensure a seamless and rewarding experience for users.
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