Binance HKVAEX Withdraws Hong Kong License Application
HKVAEX, a crypto exchange based in Hong Kong and reportedly connected to Binance, has withdrawn its license application from the Securities and Futures Commission of Hong Kong (SFC).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. The SFC website confirms that HKVAEX withdrew its application almost three months later. Following the withdrawal, HKVAEX must shut down its operations in Hong Kong by May 31. Binance has not commented on its relationship with HKVAEX or the license withdrawal.
In addition to HKVAEX, three other virtual asset trading platforms have also withdrawn their license applications, including prominent exchange Huobi. The reasons for the withdrawals are unknown, but there is speculation that it could be due to requests for changes in auditing or information requirements. When HKVAEX was launched, it was mistakenly associated with VAEX, another crypto exchange in Hong Kong linked to KuCoin. A representative from HKVAEX clarified that the two exchanges were unrelated.
CommEx, a Russian crypto exchange with ties to Binance, announced the closure of its operations on March 25. They have recommended users to withdraw their assets to third-party wallets as soon as possible. Binance had previously hinted at exiting the Russian market in September 2023, and the departure of key executives from Binance further fueled speculation. CommEx stated that it operated independently from Binance, but acknowledged that some of its core team members were former Binance staff.
12 thoughts on “Binance HKVAEX Withdraws Hong Kong License Application”
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It’s interesting to see the connection between these exchanges and Binance.
CommEx’s closure is unexpected, especially with their ties to Binance. 😮
HKVAEX, why did you even bother submitting your application if you were going to withdraw later? Total lack of commitment.
CommEx’s closure is a major blow to the Russian crypto market, and the departure of Binance executives doesn’t look good either. 🇷🇺📉
I hope the users affected by these closures can recover smoothly. 💪
I had high hopes for HKVAEX, but now I’m worried about the future of crypto trading in Hong Kong. 😔
It’s always sad to hear about closures, but it’s a part of the business world. 😔
Best of luck to HKVAEX, CommEx, and the other exchanges in their future endeavors. 🍀
Binance’s silence on this matter is intriguing.
Binance’s potential exit from the Russian market is a big deal.
This is such a disappointing news! HKVAEX withdrawing its license application just shows how it couldn’t meet the requirements of the SFC.
With key executives leaving, it’s understandable why people are speculating. 🤔