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Binance’s HKVAEX Ceases Operations, Users Must Withdraw Funds Before This Date

Binance-linked HKVAEX to cease operations as it withdrew its crypto license application in Hong Kong. Users are asked to withdraw their crypto assets.
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Binance’s HKVAEX Ceases Operations, Users Must Withdraw Funds Before This Date

Highlights

  • Binance's Hong Kong associate HKVAEX revealed plans to shut down.
  • 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 SFC earlier raised concerns over CZ violation of US anti-money-laundering laws.

In a dramatic twist in Hong Kong blockchain ecosystem, Binance’s Hong Kong associate HKVAEX recently revealed a statement, requesting all users to withdraw funds from the platform by April 30. The crypto exchange HKVAEX to cease all operations starting May 1 and stop all trading services from April 5. Hong Kong has taken a major shift towards crypto, before approving spot Bitcoin ETFs.

This comes following the firm’s withdrawal of its virtual asset trading platform license application from the Hong Kong Securities and Futures Commission (SFC). The Hong Kong securities regulator earlier asked crypto exchanges and firms to apply for the license before the deadline of February 29.

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HKVAEX Withdraws License Application in Hong Kong

The 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Ltd now positions itself under the list of companies whose license applications have been returned, refused, or withdrawn on Hong Kong’s SFC website.

The license application was withdrawn on Thursday, March 28 and the reasons behind the withdrawal are unclear.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.

Hong Kong set a Feb. 29 deadline for crypto exchange applications. Subsequently, the non-compliant platforms were mandated to cease services by the end of May, as per the announcement. Hong Kong’s transition towards becoming a crypto hub underscores its ambition to stay at the forefront of innovation, despite uncertainties about its future.

Also Read: Elon Musk’s X Payments Get New License In Louisiana, DOGE Rally To Continue?

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Binance Relations to HKVAEX

South China Morning Post reported that Binance is behind the establishment of HKVAEX, citing anonymous industry insiders. The report suggests that Binance set up HKVAEX, which commenced operations in February 2023, to proceed with the licensing process in Hong Kong.

Despite these claims, HKVAEX has maintained its stance as an independent entity. HKVAEX in an email denied its link with Binance, saying the company is an independent virtual asset exchange in Hong Kong.

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.

Also Read: Vitalik Buterin Praises Worldcoin, WLD Price Reversal to $10 Ahead?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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