Update: As of March 29, 11:00 am UTC, HKVAEX, a crypto exchange based in Hong Kong and allegedly linked to Binance, has withdrawn its license application from the Securities and Futures Commission of Hong Kong (SFC). The SFC had set a deadline of February 29 for all crypto exchanges to apply for operational licenses in the region. HKVAEX, which shares resources with Binance according to Chinese state media SCMP, submitted its application on January 4. However, it has now withdrawn the application, and as a result, must cease its operations in Hong Kong by May 31.
Binance has refuted claims of any affiliation with HKVAEX and has stated that three other virtual asset trading platforms have also withdrawn their license applications in 2024 for undisclosed reasons, including Huobi, a prominent global crypto exchange. Crypto Twitter community member Wu Blockchain has speculated that the withdrawals may be due to various factors, such as a request to change the audit company or provide more information.
It should be noted that at the time of its launch, HKVAEX was often mistaken for VAEX, a different crypto exchange in Hong Kong associated with KuCoin. An HKVAEX representative clarified that they are separate entities.
In related news, CommEx, a Russian crypto exchange with strong ties to Binance, has announced the closure of its operations. Deposits on the platform have been halted, and users are advised to withdraw their assets to third-party wallets. While CommEx operates independently of Binance, some of its core members were previously employed by Binance.
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