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Binance-affiliated Hong Kong-based crypto exchange HKVAEX withdrew its license application from the Hong Kong Securities and Futures Commission (SFC) on March 28th. The SFC had set a deadline of February 29th for all crypto exchanges to apply for operational licenses in the region. According to China’s state media SCMP, HKVAEX, a crypto exchange sharing technical and other resources with Binance, had applied for a Hong Kong license on January 4th.
Hong Kong and the Crypto Industry
The SFC website confirms that HKVAEX withdrew its license application about three months after the application. Following the withdrawal of the application, HKVAEX must end its operations in Hong Kong by or before May 31st.
Three other crypto asset trading platforms, including leading global crypto exchange Huobi, also withdrew their operational license applications in 2024 for undisclosed reasons. A member of the crypto Twitter community, Wu Blockchain, speculated that the reasons for the withdrawals could include various factors, such as changing the audit firm or a request to provide more information.
What’s Happening with Crypto Companies?
HKVAEX was initially confused with a different crypto exchange linked to KuCoin called VAEX during its launch in Hong Kong. At that time, a representative from HKVAEX stated that VAEX was another applicant and had no connection with them. A Russian crypto exchange with strong ties to Binance, CommEx, officially announced on March 25th that it was suspending operations and halting deposit transactions. The official statement included the following:
“We regret to announce that operations on the CommEX platform are being suspended progressively.”
The company advised users to immediately withdraw their assets to third-party wallets. Binance had previously hinted at exiting Russia in early September 2023, including the resignation of senior local executives such as Eastern Europe Vice President Gleb Kostarev.
Later, CommEx emphasized that it operated independently from Binance but admitted that some of its core members were former Binance personnel.
