Crypto Exchange HKVAEX Drops License Application in Hong Kong

HKVAEX, a crypto exchange based in Hong Kong and allegedly connected to Binance, has withdrawn its application for a license from the Securities and Futures Commission (SFC) on March 28.

This decision comes after the SFC set a deadline of February 29 for all crypto exchanges to apply for licenses in the region.

HKVAEX reportedly shares technical and other resources with Binance, and had submitted its application on January 4.

The SFC website confirms that HKVAEX has officially withdrawn its application, and the exchange must cease its operations in Hong Kong by May 31.

Three other virtual asset trading platforms, including global exchange Huobi, have also withdrawn their license applications in 2024 for undisclosed reasons.