The Hong Kong-based cryptocurrency exchange named HKVAEX, suspected to have ties to Binance, has announced its permanent closure. Users have been advised to withdraw all their assets before April 30, 2024.

According to records from the Hong Kong Securities and Futures Commission (SFC), HKVAEX submitted a license application on January 4, 2024, only to withdraw it on March 28, 2024.

In a letter to its users, HKVAEX mentioned that services would be gradually phased out, commencing from April 1, 2024, and the official website would be shut down completely by May 1, 2024.

The closure process will unfold in three steps: - Immediate suspension of services, including new user registrations and asset deposit services. - Termination of trading services at 18:59 on April 5, 2024, with all existing orders being cancelled. - Website takedown on May 1, 2024, preventing access to any HKVAEX-related content or services.

The reasons for this sudden decision remain undisclosed.

Disclaimer: This is not financial advice.