HKVAEX announces that it is fully closed under regulatory pressure
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HKVAEX, the Hong Kong-based crypto trading platform allegedly backed by Binance, is shutting down completely. His Jobs in May according to Thursday's announcement. The decision comes a day after the exchange suspended its application for a Virtual Asset Trading Platform (VATP) license in Hong Kong.
We are writing to inform you that, HKVAEX will begin phasing out services from 1 April 2024. This will cause our official website to be completely closed in May.[May[May1 2024],” he wrote Exchange.
As of April 1, HKVAEX will discontinue its services, leading to this. His website is completely out of order Next month. The exchange has. In advance remained brand new Registrations and deposits of virtual assets.
Sale ends on April 5, for all existing orders to be Canceled as stated by HKVAEX. After cancellation, HKVAEX will do Provide support Withdrawal of assets till April 30. Customers are requested to withdraw their assets. dead end April.
Established in December 2022, HKVAEX provides crypto exchange services under the name BX Services Limited. The exchange is said to have tied up with Binance after its promotional materials listed Binance as a “partner”. Despite these claims, Binance denies any association with HKVAEX.
HKVAEX filed a license application with the Hong Kong Securities and Futures Commission (SFC) in January this year. However, on March 28, he deregistered as per a new update from the SFC.
The reason why HKVAEX decided to withdraw the license application remains In question. Chinese reporter WuBlockchain pointed out that this may include a request to change the audit firm or “insufficient materials.”
HKVAEX, a Hong Kong-compliant cryptocurrency exchange operated by Binance's Hong Kong legal entity BX SERVICES LIMITED, has had its license revoked. Reasons for withdrawal are not clear and may include request to change audit firm, insufficient material etc.
— Wu Blockchain (@WuBlockchain) March 29, 2024
HKVAEX's latest move comes amid intensifying government scrutiny in Hong Kong.
Earlier this month, the SFC issued a public warning about BitForex, a virtual asset trading platform suspected of fraud. Although he claims to be in Hong Kong, SFC BitForex for A License from SFC for the job.
The SFC also suggested that ByBit operate without a license in its jurisdiction, classifying it as a dubious virtual value trading platform.
According to a recent update from the SFC, unregistered virtual asset trading platforms will have to close their business in Hong Kong. dead end May.
Virtual asset trading platforms operating in Hong Kong that have not submitted their license applications to the SFC by 29 February 2024 will have to close their Hong Kong trading establishments by 31 May 2024. Investors should be using these platforms. Make preparations Earlier the SFC stated.
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