AAX Announces Closes Out Derivatives Time

As Coincu reported, AAX has announced its intention to close all active futures positions of its users. Today, the exchange has specified a specific time to proceed.

According to the official release of the exchange stated in the statement on Twitter, this is to protect the rights and users’ interests:

Accordingly, the starting time is on November 21, 2022 4:00 PM to November 21, 2022 5:00 PM.

The liquidation price for each futures trading pair will be determined by the exchange using Binance‘s average hourly closing price from November 12, 2022, 4:00 PM to November 21, 2022, 00:00 AM (UTC), and all futures custom pending orders will be canceled.

In order to continue operating normally, AAX is still looking for outside funding; according to the exchange resuming weeks for that, it has sufficient funding and normal operations over the chance of receiving weeks.

This is also the period when exchanges are struggling after the collapse of the FTX crypto empire.

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