HKVAEX withdraws its application for an operational license in Hong Kong, requiring a cessation of operations by May 31.
Submission and Withdrawal Deadline
The Securities and Futures Commission of Hong Kong (SFC) had set February 29 as the deadline for all cryptocurrency exchanges to apply for operational licenses in the region. HKVAEX submitted its application on January 4, aligning its regulatory aspirations with the SFC’s guidelines.
However, nearly three months later, the platform has opted to withdraw its candidacy, a decision confirmed by the SFC website. This withdrawal now forces HKVAEX to cease its operations in Hong Kong by May 31 at the latest.
Contested Links with Binance
Despite reports from Chinese state media like the SCMP suggesting technical and other ties between HKVAEX and Binance, Binance continues to deny any association with the Hong Kong-based exchange, redirecting queries regarding HKVAEX directly to its management.
The crypto community on Twitter has speculated about potential reasons for this withdrawal, ranging from a request for auditor change to the need for more information. Furthermore, the cryptocurrency market in Hong Kong has witnessed confusion between HKVAEX and VAEX, another exchange linked to KuCoin, facing a similar situation.
