Binance Backed Exchange Closes Amid Regulatory Pressure; Executives Sue Nigerian Government

By: Isha Das

In a recent turn of events, HKVAEX, the Binance-linked exchange, withdrew its operational license application and announced its shutdown amid tightening regulations in Hong Kong. The platform was striving to secure local crypto licensing with the perceived backing of Binance. The reasons for the withdrawal remain uncertain, with suggestions mentioning the likelihood of incomplete documentation or other undisclosed issues.

This exchange shutdown occurs at a time when the Securities and Futures Commission (SFC) of Hong Kong heightens its scrutiny on significant crypto companies like Mexc and Bybit, labelling them as suspicious virtual asset trading platforms operating unlicensed.

In unrelated news on the African continent, Binance's Head of Financial Crime Compliance, Tigran Gambaryan, along with other executives, have filed a lawsuit against Nigeria's ONSA and EFCC. The executives are demanding an apology for what they believe to be a violation of their human rights. More details about the grounds of this suit remain undisclosed.

These instances bespeak an escalating tension in the interaction between crypto exchanges, particularly those associated with Binance, and regulatory authorities worldwide. The final outcome of these legal actions and the future of crypto exchanges operating in these jurisdictions remains to be seen.