2024

Update March 29, 11:00 am UTC: This article has been updated to add that Binance refutes SCMP’s claim of&nbsp;HKVAEX being part of the Binance group.&nbsp;
HKVAEX, a Hong Kong-based crypto exchange allegedly tied to Binance, withdrew its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28.
The SFC had set a deadline of Feb. 29 for all crypto exchanges to apply for operational licenses in the region. HKVAEX, a crypto exchange that, <a href="https://www.scmp.com/tech/big-tech/article/3239020/binance-behind-hong-kong-crypto-exchange-hkvaex-which-seeking-licence-city-sources-say" target="_blank" rel="noopener nofollow">according</a> to Chinese state media SCMP, shares technical and other resources with Binance, applied for the Hong Kong license on Jan. 4. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/f0882f66-675f-44c8-b7fb-3dfbf88232f1.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 List of all crypto exchanges that withdrew license applications with the Securities and Futures Commission of Hong Kong (SFC). Source:&nbsp;sfc.hk
 </figcaption>
</figure>
The SFC website confirms that HKVAEX withdrew its license application nearly three months after the filing. Following the application withdrawal, HKVAEX must wind up its operations in Hong Kong on or before May 31. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/9bcb693f-a070-47fb-ac41-aaf21b36080a.png" alt="" title="">
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 The Hong Kong SFC shared deadlines for crypto license applications. Source:&nbsp;sfc.hk
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</figure>
Speaking to Cointelegraph, Binance denied any links to the Hong Kong-based crypto exchange and stated:
<blockquote>
 "HKVAEX is not part of Binance group. Please reach out to HKVAEX."
</blockquote>
Three other virtual asset trading platforms have withdrawn their operational license applications in 2024 for reasons that were not made public, including the prominent global crypto exchange Huobi.
Crypto Twitter community member Wu Blockchain <a href="https://twitter.com/WuBlockchain/status/1773604110765633953" target="_blank" rel="noopener nofollow">speculated</a> that the reasons for the withdrawal may involve a variety of reasons, including a request to change the audit company or provide more information. 
At the time of its launch, HKVAEX was confused with VAEX, a different crypto exchange in Hong Kong tied to KuCoin. 
At the time, an HKVAEX representative told Cointelegraph, “VAEXC is another applicant, and they have nothing to do with us.”
Related: <a href="https://cointelegraph.com/news/binance-executive-escapes-detention-nigeria">Binance executive reportedly escapes detention as Nigeria files tax evasion charges</a>
CommEx, a <a href="https://cointelegraph.com/news/binance-buyer-in-russia-commex-silent-on-owners">Russian crypto exchange with strong ties with Binance</a>, officially announced it is shutting down operations and has halted deposits on March 25.
“We have to announce the gradual suspension of operations on the CommEX platform,” the firm said, recommending users to withdraw their assets immediately to third-party wallets.
Binance had previously <a href="https://cointelegraph.com/news/top-binance-execs-in-russia-leave-as-firm-considers-exiting-the-market">hinted at exiting Russia in early September 2023</a> as top local executives, including vice president of Eastern Europe Gleb Kostarev, stepped down. 
Subsequently, CommEx emphasized that it operated independently of Binance but admitted that some of its core members were former Binance staff.
Magazine: <a href="https://cointelegraph.com/magazine/creating-good-agi-that-wont-kill-us-all-with-crypto-artificial-superintelligence-alliance/">Creating ‘good’ AGI that won’t kill us all: Crypto’s Artificial Superintelligence Alliance</a>

HKVAEX withdraws Hong Kong license application post-deadline

Cointelegraph

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