🚨 HKVAEX, a Hong Kong-based cryptocurrency exchange reportedly associated with Binance, withdrew its license application from the Hong Kong Securities and Futures Commission (SFC) on March 28. 😮

- HKVAEX announced its intention to apply for a license last October, clarifying that it operates as a separate entity from Binance under BX Services Limited in Hong Kong.

- However, there are shared resources between the companies, including the use of Binance servers for content retrieval.

- After withdrawing its application, HKVAEX must close its operations in Hong Kong by May 31.

- In 2024, three other virtual asset trading platforms also withdrew their license applications, including the well-known global exchange HTX (formerly known as Huobi).

- Currently, OSL and HashKey are the only two platforms that have received approval of their licenses from the SFC.

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