Place a wire rack in a rimmed baking sheet and set aside. Fill a large Dutch oven halfway with oil and heat over medium-high heat to a temperature of 350 degrees F.
Whisk together the honey, sriracha, soy sauce, lime juice and sesame oil in a small saucepan and bring to a boil over medium heat. Reduce the heat to low and simmer until the sauce comes together, about 5 minutes. Transfer to a large bowl and set aside.
Whisk together the cornstarch, flour, 1 3/4 cups cold water, 2 teaspoons salt and 1/4 teaspoon pepper in a large bowl until smooth. Add the chicken and toss until completely coated.
Lift the chicken pieces out of the batter one at a time, letting the excess batter drip back into the bowl, and gently place in the hot oil; try to keep the pieces separated. Fry in batches until golden, adjusting the heat as necessary to keep the oil temperature at 350 degrees F, about 8 or 9 minutes per batch. Remove the chicken with a spider or slotted spoon and set on the rack on the baking sheet to drain. While the wings are still hot, toss them in the honey sauce to evenly coat. Transfer them to a dutch oven and serve with sesame seeds and scallions scattered over the top.