A set of rules governing inter-exchange deposits and withdrawals is set to take effect in Hong Kong on New Year’s Eve, creating hurdles for local crypto users. Hashkey Pro, a Hong Kong-based cryptocurrency exchange, outlined the new regulations, including expedited verification processes for clients with the same name account. However, clients will need to provide Know Your Customer (KYC) information and account screenshots for deposits and withdrawals from other exchanges. The Travel Rule applies only to third-party exchanges, not self-custody wallets. Non-compliance may result in reversed transactions and additional fees for users. (Source: Cointelegraph)
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