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Crypto Exchange AAX Suspends All Operations

AAX suddenly announced that it would suspend all operations, including trading, withdrawals, etc.

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The collapse of FTX has probably affected crypto companies more or less. Recently, AAX, a derivatives exchange established in Hong Kong in 2019, suddenly announced that it would suspend all operations.

According to the announcement’s specifics, the exchange stated that it had ceased all operations because of the ongoing system changes.

The exchange notes in its system-upgrade notification that the current state of the market is the reason the integration is taking longer. The problem should be rectified in 7–10 days, according to the exchange. The VP of AAX, Ben Caselin, spoke to the community on Telegram about the ongoing problem.

Caselin informed the user that the maintenance would take longer and urged them to be patient. According to him, the exchange will make a formal announcement and provide proof of reserves documentation.

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As Coincu reported, crypto exchange BitCoke has also recently suspended withdrawals.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.