HKVAEX, a crypto exchange purportedly associated with Binance, withdrew its license application to the Securities and Futures Commission of Hong Kong (SFC) on March 28, nearly three months after the filing.
The SFC had established February 29 as the application deadline for operational licenses in the region for all cryptocurrency exchanges. HKVAEX, a cryptocurrency exchange that shares technical and other resources with Binance, submitted for the Hong Kong license on January 4, according to Chinese state media SCMP.
Nearly three months after its initial filing, HKVAEX reportedly retracted its license application, as verified on the SFC website. After withdrawing the application, HKVAEX must cease all operations in Hong Kong by May 31.
Cointelegraph requested comment from Binance regarding its ties to HKVAEX and the exchange’s decision to withdraw the Hong Kong application. Binance declined to respond.
Huobi, a prominent global cryptocurrency exchange, is one of three additional virtual asset trading platforms that withdrew their operational license applications in 2024 for hidden reasons.
Wu Blockchain, a member of the Crypto Twitter community, hypothesized that the withdrawal could have been for various reasons, such as an audit company change request or a request to provide additional information.
HKVAEX was initially misidentified as VAEX, a distinct cryptocurrency exchange in Hong Kong affiliated with KuCoin.
A representative of HKVAEX informed Cointelegraph at the time, “VAEXC is an additional applicant with whom we have no affiliation.
On March 25, CommEx, a Russian cryptocurrency exchange that maintains close ties with Binance, formally declared its cessation of operations and ceased accepting deposits.
The firm advised users to withdraw their assets to third-party wallets promptly and stated, “We regret to inform you of the gradual suspension of operations on the CommEX platform.”
As senior local executives resigned in early September 2023, Binance had previously alluded to the possibility of withdrawing from the country, including Vice President of Eastern Europe Gleb Kostarev.
Following this, CommEx explicitly stated its autonomy from Binance while acknowledging that some of its fundamental personnel had previously worked for Binance.
