HKVAEX, a Hong Kong-based crypto exchange allegedly tied to Binance, withdrew its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28.

The SFC had set a deadline of Feb. 29 for all crypto exchanges to apply for operational licenses in the region. HKVAEX, a crypto exchange that, according to Chinese state media SCMP, shares technical and other resources with Binance, applied for the Hong Kong license on Jan. 4.

List of all crypto exchanges that withdrew license applications with the Securities and Futures Commission of Hong Kong (SFC). Source: sfc.hk

The SFC website confirms that HKVAEX withdrew its license application nearly three months after the filing. Following the application withdrawal, HKVAEX must wind up its operations in Hong Kong on or before May 31.

The Hong Kong SFC shared deadlines for crypto license applications. Source: sfc.hk

Binance did not respond to Cointelegraph’s request for comment about its links with HKVAEX or the exchange’s decision to withdraw the Hong Kong application.

Three other virtual asset trading platforms have withdrawn their operational license applications in 2024 for reasons that were not made public, including the prominent global crypto exchange Huobi.

X community member Wu Blockchain speculated that the reasons for the withdrawal may involve a variety of reasons, including a request to change the audit company or provide more information.

At the time of its launch, HKVAEX was confused with VAEX, a different crypto exchange in Hong Kong tied to KuCoin.

At the time, HKVAEX representative told Cointelegraph that “VAEXC is another applicant, and they have nothing to do with us.”

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CommEx, a Russian crypto exchange with strong ties with Binance, officially announced it is shutting down operations and has halted deposits on March 25.

“We have to announce the gradual suspension of operations on the CommEX platform,” the firm said, recommending users to withdraw their assets immediately to third-party wallets.

Binance had previously hinted at exiting Russia in early September 2023 as top local executives, including vice president of Eastern Europe Gleb Kostarev, stepped down.

Subsequently, CommEx emphasized that it operated independently of Binance, but admitted that some of its core members were former Binance staff.

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