HKVAEX, a crypto exchange based in Hong Kong reportedly connected to Binance, decided to pull back its application for a license from the Securities and Futures Commission of Hong Kong (SFC) on March 28.
This move came after the SFC set a deadline of February 29 for all crypto exchanges to apply for licenses to operate in the region. HKVAEX, which allegedly shares resources with Binance, according to Chinese media, initially submitted its application on January 4.
The withdrawal of HKVAEX’s license application was confirmed by the SFC website nearly three months after the initial filing. As per regulations, HKVAEX must cease its operations in Hong Kong by May 31, following the application withdrawal.
Despite inquiries, Binance has not commented on its association with HKVAEX or the decision to withdraw the license application.
In 2024, three other virtual asset trading platforms withdrew their license applications with the SFC for undisclosed reasons, including the well-known exchange Huobi.
There has been speculation within the crypto community, particularly on CryptoTwitter, regarding the reasons behind these withdrawals. Some suggest requests to change audit firms or provide additional information.
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