Cryptocurrency exchange HKVAEX reminds users that its trading platform will be permanently closed. It is recommended that all users withdraw their assets before April 30th.Earlier, HKVAEX announced that it will begin phasing out services from April 1, 2024, and its official website will be completely closed on May 1, 2024.

HKVAEX announced that it will begin to suspend services in stages starting from April 1, 2024. Its official website will be completely closed on May 1, 2024, and users are urged to take appropriate action to withdraw their assets before April 30, 2024. Currently, HKVAEX no longer accepts new user registrations or virtual asset recharge services. The trading service will be closed at 23:59 on April 5, 2024, and users will not be able to place any new orders. All existing spot orders will be automatically cancelled by the system.

On January 4th, the Hong Kong Securities and Futures Commission's official website updated information on virtual asset trading platform license applications, which showed that BX SERVICES LIMITED, the company that HKVAEX, a Hong Kong cryptocurrency exchange, belongs to, officially submitted a virtual asset trading platform license application to the Hong Kong Securities and Futures Commission on January 4th. The company currently has no Chinese name. As of now, there are 11 companies that have officially applied to the Hong Kong Securities and Futures Commission for a virtual asset trading platform license.

Hong Kong-based virtual asset trading platform HKVAEX has applied for a license with the Securities and Futures Commission (SFC), joining other recent applicants such as Panthertrade and OKX in seeking regulatory approval under Hong Kong's new crypto regulatory framework. The new framework, which permits retail investors to engage in virtual asset trading, has democratized access to digital assets and spurred the SFC to begin issuing licenses to crypto exchanges. The world's largest cryptocurrency exchange, Binance, is reportedly behind the establishment of HKVAEX, although the platform has maintained its independence and commitment to applying for the SFC's virtual asset trading platform license. The JPEX scandal has accelerated the SFC's efforts to approve cryptocurrency products to bolster industry compliance, while regulatory bodies are increasingly monitoring non-compliant platforms and curbing aggressive advertising tactics.