HKVAEX Withdraws Hong Kong License Application

SFC of Hong Kong received notice on March 28 that HKVAEX linked to Binance, withdrew its license application.

The Securities and Futures Commission of Hong Kong (SFC) received notice on March 28 that HKVAEX, a cryptocurrency exchange in Hong Kong purportedly connected to Binance, had withdrawn its application for a license.

The SFC had established a deadline of February 29 for all cryptocurrency exchanges to submit their applications for operational licenses in the region.

On January 4, HKVAEX, a cryptocurrency exchange that according to the Chinese state media SCMP, collaborates with Binance regarding technological and other resources, applied for a license to operate in Hong Kong.

SFC Confirms HKVAEX License Withdrawal

The SFC website confirms that HKVAEX withdrew its license application approximately three months after its initial submission. As a result of the application withdrawal, HKVAEX must cease all of its operations in Hong Kong by the 31st of May.

Three other virtual asset trading companies, including the well-known global cryptocurrency exchange Huobi, withdrew their applications for operations licenses in 2024 for undisclosed reasons.

“HKVAEX is not part of Binance group. Please reach out to HKVAEX.”

As a member of the cryptocurrency Twitter community, Wu Blockchain hypothesized that the withdrawal may be due to a range of factors, such as a request to change the audit business or supply further information.

It was possible to confuse HKVAEX with VAEX, which is a distinct cryptocurrency exchange in Hong Kong that is connected to KuCoin, when it first launched.

Since March 25, CommEx, a cryptocurrency exchange based in Russia with close ties to Binance, has officially announced that it will be closing down operations and has stopped accepting deposits.”

We are obligated to announce the gradual suspension of operations on the CommEX platform,” the company stated, providing customers with the recommendation to immediately remove their assets to wallets that are not affiliated with the company.

Binance had previously discussed the possibility of leaving Russia at the beginning of September 2023, when prominent local executives, including Gleb Kostarev, the vice president of Eastern Europe, resigned from their positions.

Following that, CommEx highlighted that it functioned independently of Binance, but it did reveal that some of its core members had previously worked for Binance.