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Shuttered AAX Will Close Out Derivatives, Citing ‘Chance’ of Return to Normal
The Hong Kong crypto exchange hopes to be able to raise enough capital to reopen following a hack.
Updated May 9, 2023, 4:03 a.m. Published Nov 21, 2022, 7:46 a.m.
AAX will close out derivatives positions as it attempts to return to normal following a hack, the Hong Kong crypto exchange said in a statement posted Sunday.
“In order to protect the rights and interests of users, during the system maintenance period, AAX will automatically liquidate all futures positions on the platform,” beginning 4 p.m. UTC Monday and using prices listed on the Binance crypto exchange, the exchange said.
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AAX originally announced its intention to close out derivatives contracts in a statement posted Saturday. The exchange has been shuttered since Nov. 13 after a malicious attack made it impossible to verify customer balances or allow withdrawals.
In a Nov. 15 statement the company said it hoped to raise further capital in order to reopen by the end of that week. The exchange is still apparently holding out hope, saying on Saturday that it “has a chance of receiving sufficient funding and resuming normal operations over the coming weeks.”
The move comes in a choppy period for crypto markets after the collapse of the FTX exchange, whose assets also appear to have been hacked.
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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