Crypto NewsNewsCryptocurrency Exchange Suspected to be Owned by Binance Suddenly Decides to Terminate...

Cryptocurrency Exchange Suspected to be Owned by Binance Suddenly Decides to Terminate Operations

The Hong Kong-based cryptocurrency exchange, thought to be operated by Binance, entered the process of closing with a sudden decision.

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Hong Kong-based cryptocurrency exchange HKVAEX, which is suspected to be owned by Binance, announced that it has been permanently closed. The exchange urged all its users to withdraw their assets before April 30, 2024.

Hong Kong Securities and Futures Commission (SFC) records show that HKVAEX applied for a license on January 4, 2024, and the application was subsequently withdrawn on March 28, 2024.

In a letter addressed to its users, HKVAEX stated that services will be gradually suspended starting from April 1, 2024, and the official website will be completely closed on May 1, 2024.

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The closing process will work as follows:

  • Immediate suspension of services: Effective immediately, HKVAEX will no longer accept new user registrations or virtual asset deposit services.
  • Closing of trading services: On April 5, 2024, at 18:59, trading services will end. Users will not be able to place new orders and all existing spot orders will be automatically canceled by the system.
  • Website takedown: HKVAEX's official website will be officially taken down on May 1, 2024. Starting from this date, users will not be able to access any content or services related to HKVAEX.

The reasons behind the sudden closure remain unclear.

*This is not investment advice.

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