HKVAEX Suspends Trading Services, Urges Users to Withdraw Assets Coin Edition

• HKVAEX has reportedly announced the exchange’s decision to terminate its services on April 1.
• The exchange urges its users to withdraw their assets by April 30, asserting that the platform will be completely unavailable from May 1.
• The platform withdrew its license application from the Securities and Futures Commission on March 28.

HKVAEX, a Hong Kong-based crypto exchange suspected to be owned by Binance, has reportedly announced the suspension of services from April 1, 2024. According to the Securities and Futures Commission’s (SFC) official website, HKVAEX withdrew its license application on March 28.

Chinese crypto journalist Colin Wu, in his recent X post on his Wu Blockchain page, shared insights on the closure of HKVAEX services. The exchange withdrew its license application from the SFC nearly 3 months after applying for the license on January 4, 2024.

The crypto exchange declared the immediate suspension of services, including the new user registration and crypto deposits. HTVAEX cited, “Effective immediately, HKVAEX will no longer accept new user registration or virtual asset deposit services.”

As per the notice, HTVAEX will put an end to the trading services on April 5 at 23:59 UTC. From the day, no users will be allowed to place new orders. In addition, the system will automatically cancel all the existing spot orders. Further, the platform urged its customers to withdraw their assets by April 30, citing,

We apologize for any inconvenience caused by our platform’s closure. We’re grateful for your support and trust in HKVAEX and urge users to take appropriate action by withdrawing their assets by 30 April 2024.

Moreover, HKVAEX reiterated that the exchange will be completely unavailable to the public from May 1. Reportedly, the platform’s website will be completely closed on May 1, 2024. HKVAEX added, “From this date forward, users will not have access to any HKVAEX-related content or services.”