London Daily

Focus on the big picture.
Sunday, May 11, 2025

HK crypto exchange falls silent, fuelling shutdown fears

HK crypto exchange falls silent, fuelling shutdown fears

A major Hong Kong-based cryptocurrency exchange has scrubbed some of its social media presence two weeks after it halted withdrawals, fuelling fears the firm may collapse as the sector reels from the implosion of giant FTX.
Atom Asset Exchange (AAX) prevented customer withdrawals on November 15, saying its capital position was under "acute pressure" after some investors asked for their money back.

This came after the stunning fall of industry leader FTX, which was valued at $32 billion before it declared bankruptcy this month following an apparent liquidity crisis.

The Facebook and YouTube pages of AAX were no longer accessible Tuesday, with the exchange not responding to a request for comment from AFP.

But AAX's website was still online though it displayed no spot trading data, with a notice dated November 12 saying the system was undergoing maintenance.

Fears have been growing about possible contagion in the industry, with crypto lender BlockFi, which had received credit from FTX, also declaring bankruptcy Monday.

AAX has claimed it has no financial exposure to FTX or its affiliates and said it initially halted withdrawals only because of "abnormalities in our systems".

But former head of research and strategy Ben Caselin said Monday he had resigned from the firm as the AAX "brand is no more and the trust is broken".

"The way things are handled is without empathy and overly opaque," he tweeted.

Investors have voiced frustrations with AAX in groups on the messaging app Telegram, with some calling for legal action against AAX executives.

Founded in 2018, AAX launched its exchange a year later as the first crypto user of matching technology provided by the London Stock Exchange.

It recorded a spike in its spot trading volume earlier this year, according to data analysed by CryptoCompare, with $57.2 billion worth of trade recorded in July.

AAX's plight comes after Hong Kong announced plans to encourage more retail investment in virtual assets, as officials scramble to catch up with regional rivals and bolster the city's fintech credentials.

The Chinese finance hub was also the home of FTX until the firm moved to the Bahamas in September last year.
Newsletter

Related Articles

0:00
0:00
Close
Retired British police officer arrested over ‘thought crime’ tweet
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
Newark Mayor Ras Baraka Arrested at ICE Facility Amid Congressional Visit
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Historic Papal Conclave Set to Commence in Rome
Huge Copper, Gold, and Silver Discovery in Argentina and Chile — But the Profits Go Abroad
Prince Harry is pleading for reconciliation — but the royals are just as sick of his victimhood as everyone else
The Road to Freedom: She Protested Putin, Escaped House Arrest, and Survived a 2,800-Kilometer Journey
OpenAI's Flip-Flop: No Longer Going Commercial, Back to Nonprofit, After Musk Lawsuit and Backlash
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
First From China: Zhao Xintong Wins the Snooker World Championship
Nvidia Faces Billion-Dollar Losses – Warns: China Is on Its Way to Becoming an AI Superpower
Trump Rules Out Third Term, Names JD Vance and Marco Rubio as Potential Successors
Mexico Says ‘No’ to U.S. Troops: President Sheinbaum Rejects Trump’s Offer to Fight Cartels
Nigel Farage’s Reform UK Storms the Map, Wrecking the Two-Party Monopoly
DOGE: Reimagining Government Operations with AI
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
U.K. Court Rejects Prince Harry’s Final Appeal Over Police Security
Prince Harry’s Heartfelt Outburst Rocks the Royal Family
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Transgender Swimmer Secures Five Gold Medals at U.S. Masters Championship
Prince Harry: “I Want Reconciliation with My Family”
Germany's Alternative für Deutschland (AfD) party has now been officially labeled “right-wing extremist” by the federal office for the so-called “protection of the constitution.”
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
This is a day in Spain without electricity and internet
Reform UK Surprises in British Elections, Challenging Traditional Two-Party System
180-Year-Old Christian University in South Carolina Announces Closure Due to Unmet $6 Million Fundraising Goal
Brazilian Woman Jailed for Fourteen Years for Writing “You Lost, Idiot” on Statue During Protest
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Dutch Politician Eva Vlaardingerbroek Receives Spyware Threat Alert from Apple
Paramount Board Considers Settlement in Trump’s $20 Billion Lawsuit Over "60 Minutes" Interview
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
Deadline Looms for RTS Meter Replacement: Hundreds of Thousands at Risk of Heating Disruption
Sweden Grapples with Deadly Gun Violence: Suspect Arrested After Three Young Men Killed in Uppsala Hair Salon
Walz Reveals Why Harris Chose Him as Her Running Mate and Reflects on Democratic Losses
Spain Restores Power After Unprecedented Nationwide Blackout
Carney Secures Liberal Mandate in Canada’s Federal Election
Death Penalty Sought as Luigi Manion Pleads Not Guilty in CEO Murder Case
President Trump contacts Jeff Bezos after reports of Amazon considering listing tariff surcharges; company clarifies no such plan for main platform
Spain and Portugal Recover from Massive Blackout
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Singapore Politicians Warn Against Foreign Interference in Election
Driver Ploughs into Vancouver Festival Crowd, Killing Nine
Depression, Fear of Defamation, and a Tragic End: New Details on Virginia Giuffre’s Suicide
“Sharia for UK, Allah Akbar!”
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
×