HKVAEX will issue the Hong Kong license application after the deadline.
Update March 29, 11:00 am UTC: This article has been updated to add that Binance refutes SCMP's claim that HKVAEX is part of the Binance group.
HKVAEX, a Hong Kong-based crypto exchange allegedly linked to Binance, dropped its license application from the Hong Kong Securities and Futures Commission (SFC) on March 28.
The SFC had set a deadline of February 29 for all crypto exchanges to apply for operating licenses in the region. HKVAEX, a crypto exchange that shares technical and other resources with Binance, applied for a Hong Kong license on January 4, according to Chinese state media SCMP.
The SFC website confirms that HKVAEX received its license application approximately three months after its registration. Following the termination of the application, HKVAEX shall resume operations in Hong Kong on or before May 31.
Speaking to Cointelegraph, Binance denied any ties to the Hong Kong-based crypto exchange, saying:
“HKVAEX is not part of Binance Group. Please contact HKVAEX.”
Three other virtual asset exchanges filed their operating license applications in 2024 for undisclosed reasons, including the popular global crypto exchange Huobi.
Crypto Twitter community member Wu Blockchain's reasons for issuing the estimate could include a variety of reasons, including a request to change the audit firm or provide additional information.
At the time of launch, HKVAEX was confused with VAEX, a separate crypto exchange related to KuCoin in Hong Kong.
“VAEXC is another indicator, and they have nothing to do with us,” a representative of HKVAEX told Cointelegraph at the time.
Related: Binance CEO reportedly escapes jail as Nigeria charges tax fraud
CommEx, a Russian crypto exchange with strong ties to Binance, has officially announced that it has ceased operations and stopped taking deposits on March 25.
The company advised users to immediately withdraw their assets to a third-party wallet, saying, “We have to inform you that operations on the CommEX platform have been gradually suspended.”
Binance has previously hinted at exiting Russia in September 2023, with top local executives stepping down, including Eastern Europe Vice President Gleb Kostarev.
Furthermore, CommEx emphasized that it operates independently from Binance but admitted that some of its core members are former Binance employees.
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