The Hong Kong-based crypto exchange HKVAEX, reportedly associated with Binance, withdrew its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28th. HKVAEX announced its intention to apply for a license in October last year while clarifying that it operates as a distinct 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, as indicated on the exchange’s website. According to the Securities and Futures Commission (SFC) website, HKVAEX withdrew its license application nearly three months after submission. Following this move, HKVAEX is required to shut down its operations in Hong Kong by May 31.
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