Binance Crypto Exchange HKVAEX Ceases Withdrawals in Hong Kong Amid ETFs Debut
Highlights
- Binance's Hong Kong associate HKVAEX has ceased withdrawals on the crypto exchange.
- Crypto exchange HKVAEX or BX Services Ltd earlier withdrew its virtual asset trading platform license application in Hong Kong.
- HKVAEX is linked to the world's largest crypto exchange, Binance.
- Hong Kong Bitcoin and Ether ETFs witnessed lackluster performance on day 1.
The crypto exchange HKVAEX linked to the world’s largest crypto exchange Binance to now fully ceased operations in Hong Kong, as reported earlier by CoinGape. HKVAEX recently revealed a statement to cease withdrawals from the crypto exchange on April 30, shutting down all operations starting May 1.
The cease in operations coincides with the launch of spot Bitcoin and spot Ether ETFs in Hong Kong. Regardless of the hype, ETFs saw only $12 million in volume on the day. Bloomberg senior ETF analyst Eric Balchunas said the volume is impressive based on the market. He also dismissed negative comments around the supposed “poor performance” of these funds.
Binance’s HKVAEX Withdraws License Application in Hong Kong
Binance-linked crypto exchange HKVAEX, also going by the company name BX Services Ltd, recently withdrew its virtual asset trading platform license application. With this, BX Services Ltd now positions itself under the list of companies whose license applications have been returned, refused, or withdrawn on Hong Kong’s SFC website.
The Hong Kong securities regulator earlier asked crypto exchanges and firms to apply for the license before the deadline of February 29.
HKVAEX withdrew its license on March 28 on reasons that still remain unclear. Some believe it may be due to a request to change the audit company, insufficient materials, or others. HKVAEX applied for the license on January 4. HKVAEX head of operations Walton Chan announced the closure and said users should withdraw their assets by April 30.
Also Read: Ripple Vs SEC News: Lawyers Reveal Likely Verdict In XRP Expert Witness Case
SFC Tensions With CZ and Hong Kong Disappointing ETF Debut
SFC Licensing Head Elizabeth Wong raised crucial questions about Binance’s potential license approval after the recent guilty plea by Binance co-founder and former CEO Changpeng ‘CZ’ Zhao to US anti-money-laundering laws. The regulator seemed wary of the exchange’s plans to secure a license in the country.
CZ sentence hearing is due today for violation of anti-money laundering laws. Prosecutors seek 3 years of prison sentence and CZ asked for probation similar to BitMEX executives.
The total trading volume for Hong Kong crypto ETFs reached a notable $12.4 million. The low numbers led traders to immediately short Bitcoin causing the BTC price to drop below $61,000 today.
Also Read:
- Gold Price Tumbles Ahead US FOMC Meeting, Bitcoin to Follow?
- $150B Liquidated, Why Bitcoin Price Is Falling Sharply Today?
- Hong Kong Bitcoin ETFs Offer These Advantages Over The US ETFs
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
