- HashKey, attracting attention by surprisingly increasing its 24-hour Bitcoin trading volume by $3.48 billion, reaching a total volume of $4.21 billion.
- In August, HashKey became the first Hong Kong crypto exchange to obtain a license to offer crypto assets to retail investors.
- HashKey Exchange’s Chief Operating Officer Livio Weng addressed the situation of unexpected and abnormal transactions during the event.
Hong Kong-based compliance exchange HashKey is competing with Binance in the 24-hour Bitcoin trading volume!
HashKey in the Race with Binance for Bitcoin Volume
Hong Kong-based compliance exchange HashKey attracted attention by surprisingly increasing its 24-hour Bitcoin trading volume by $3.48 billion, reaching a total volume of $4.21 billion. This significant increase put HashKey in close competition with industry giant Binance.
This sudden surge raised concerns among market makers about the possibility of wash trading operations organized to accumulate platform tokens. Wash trading involves frequently buying and selling the same tokens to increase activity.
The significant increase in trading volume raised questions about the legitimacy of these activities and compliance with crypto regulations set by the Hong Kong Securities and Futures Commission (SFC).
In-depth analysis also highlights that CoinGecko, a reputable cryptocurrency data aggregator, assigned a highly unreliable BTC/USD and ETH/USD trust score to Hashkey. The trust score is a measure of the recorded number of orders or transactions to predict liquidity. This adds another layer of suspicion about the exchange’s trading practices and overall reliability.
In August, Hashkey became the first Hong Kong crypto exchange to obtain a license to offer crypto assets to retail investors. The Securities and Futures Commission (SFC) of Hong Kong granted a license to Swiss crypto bank SEBA in November, allowing it to offer various crypto-related services to customers in the region.
COO’s Response to the Volume Increase
HashKey Exchange’s Chief Operating Officer Livio Weng addressed the situation of unexpected and abnormal transactions during the event. Weng emphasized that HashKey Exchange is committed to maintaining a fair and transparent trading environment. Instances of fraud or manipulation will be thoroughly investigated and eliminated to preserve the integrity of the platform.
He also shared that the current zero fees and HSK activity incentives have been implemented. These initiatives have not only led to a significant increase in trading volume but also played a crucial role in substantially increasing handicap liquidity on the platform.
Weng expressed excitement about the positive responses from the HashKey community. In response to abnormalities, Weng shared that the exchange is actively working to optimize activity policies to provide a seamless and rewarding experience for users.
