Update as of March 29, 11:00 am UTC: Binance has denied any affiliation with HKVAEX, a crypto exchange in Hong Kong, refuting claims made by Chinese state media SCMP. HKVAEX has recently withdrawn its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28.
According to SCMP, HKVAEX shares technical and other resources with Binance. The SFC had set a deadline of February 29 for all crypto exchanges to apply for operational licenses in Hong Kong. HKVAEX submitted its application on January 4 but withdrew it almost three months later. As a result, HKVAEX is required to cease its operations in Hong Kong by May 31.
Binance has clarified that it has no connection to HKVAEX. In addition to HKVAEX, three other virtual asset trading platforms have withdrawn their license applications, including Huobi, for undisclosed reasons.
There is speculation within the crypto Twitter community, led by Wu Blockchain, that the reasons for withdrawal may include requests to change the audit company or provide more information.
It should be noted that HKVAEX was initially mistaken for VAEX, a separate crypto exchange in Hong Kong associated with KuCoin. A representative from HKVAEX clarified that they have no affiliation with VAEXC.
In related news, CommEx, a Russian crypto exchange closely linked to Binance, has officially announced its closure and has stopped accepting deposits as of March 25. CommEx advised its users to immediately withdraw their assets to third-party wallets.
Binance had previously hinted at its potential exit from Russia in September 2023, as several top executives, including vice president Gleb Kostarev, stepped down. CommEx stated that it operated independently from Binance, although some of its core members were former Binance staff.
HKVAEX retracts Hong Kong license application after deadline