AAX Has A Plan To Automatically Liquidate Outstanding Futures Positions

AAX has announced its intention to close all active futures positions of its users today. The exchange will likely be open to exploring a debt-to-equity swap structure to improve its chances of continuing operations.

AAX has announced its intention to close all active futures positions of its users today. The exchange will likely be open to exploring a debt-to-equity swap structure to improve its chances of continuing operations.

According to the official release of the crypto exchange stated in the statement that they will close derivative positions. The liquidation will be conducted today and using the Binance price. Next, after verifying that the data is reasonable and complete, contract transactions will be restarted and other services should be further evaluated.

AAX announced over the weekend that it has met with more than 50 investors in the past week, some of whom have entered the negotiation phase.

In addition, AAX states that under the most difficult circumstances, AAX will be willing to explore a debt-to-equity swap structure, because from an analysis of past industry practices, there are many possibilities to help AAX full restore works, which is a viable option in the current circumstances.

As was updated in an earlier Coincu News article, on November 13, the AAX website suddenly suspended the service, claiming that due to the error of a third-party partner during the system upgrade, the integrity of the system. The integrity of some user data is not good, affecting platform services and risk management.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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