All About Latest BTC News

The media reported on the possible shutdown of the AAX exchange

Nov 29

Hong Kong crypto exchange AAX, which suspended the withdrawal of funds, is allegedly on the verge of closure. This is reported by PythagorasNews with reference to TechFlow. According to the published screenshots of correspondence, the company will soon be closed, the employees will receive a salary until November and only half of the assets on the platform. 

The support service responded to the publication that they could not confirm the authenticity of the posted messages, but advised to "prepare for the worst. The exchange also deleted its YouTube channel with all of its content and closed its Facebook account. The AAX Twitter account is active, but the last post at the time of writing was dated November 21.   

On November 13, the platform suspended withdrawals, citing maintenance. The team warned that it would take several days. On Nov. 19, the company released a statement saying it was continuing work on updating the platform. AAX also acknowledged that it is seeking additional capital to restore "normal operations." The exchange allegedly has "50 potential investors," with some of whom negotiations have "entered a decisive stage."

On November 21, the platform automatically closed client positions in futures. According to CoinGecko, as of November 14, open interest on the AAX derivatives platform was $601 million. Against this backdrop, Vice President Ben Casselin announced his resignation from the company.