https://www.coindesk.com/business/2022/11/13/crypto-exchange-aax-suspends-withdrawals-as-ftx-failure-reverberates/

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PlayIconNav
Crypto Prices CoinDesk Market Index
Business

Crypto Exchange AAX Suspends Withdrawals as FTX Failure Reverberates

The suspension for as long as 10 days was blamed on the failure of an
unidentified third party. The Hong Kong-based exchange has said it
has no exposure to Sam Bankman-Fried's company.

By Jack Schickler
AccessTimeIconNov 13, 2022 at 6:24 p.m. UTC
    
Sunrise over Victoria Harbor

AAX is based in Hong Kong (Ratnakorn Piyasirisorost/Getty Images)

    
 
CoinDesk - Unknown

Jack Schickler

Jack Schickler is a CoinDesk reporter focused on crypto regulations,
based in Brussels, Belgium. He doesn't own any crypto.

 

Follow @jackschickler on Twitter

Crypto exchange AAX said it had suspended activity, citing a
scheduled upgrade that had been delayed by turbulent markets.

The failure of a third-party partner means services will be delayed
for as long as 10 days, the Hong Kong-based company said Sunday. The
exchange did not identify the partner, and has said it has no
exposure to FTX, a rival whose collapse has caused chaos in the
industry.

"Withdrawals have been suspended to avoid fraud and exploitation,"
the company said. "AAX will continue our best efforts to resume
regular operations for all users within 7-10 days to ensure the
utmost accuracy."

Users' balances have to be manually restored after a partner failed,
causing the system to record abnormal data, the company said.
Vice-President Ben Caselin tweeted that the delay was being taken as
an "extra precaution" following scheduled maintenance.

On Friday, the company, which launched in 2019 as the first external
user of the London Stock Exchange Group's matching technology, said
it had no financial exposure to FTX or its affiliates. It stores a
"substantial amount" of its assets in cold wallets and doesn't lend
out user funds to venture activities, it said.

FTX filed for bankruptcy protection in the U.S. on Friday, and CEO
Sam Bankman-Fried resigned. There have also been reports of FTX's
assets being hacked, and of the exchange using customer funds to prop
up its trading arm Alameda.

---------------------------------------------------------------------
Read more about
regulationsFTXAAX
---------------------------------------------------------------------
 
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Logo of BNBBNB$276.61
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7.51%
 
Logo of BUSDBUSD$1.00
0.08%
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The leader in news and information on cryptocurrency, digital assets
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CoinDesk - Unknown

Jack Schickler

Jack Schickler is a CoinDesk reporter focused on crypto regulations,
based in Brussels, Belgium. He doesn't own any crypto.

 

Follow @jackschickler on Twitter

 
CoinDesk - Unknown

Jack Schickler

Jack Schickler is a CoinDesk reporter focused on crypto regulations,
based in Brussels, Belgium. He doesn't own any crypto.

 

Follow @jackschickler on Twitter

---------------------------------------------------------------------
 
Logo of BTCBTC$16,439.67
2.21%
 
Logo of ETHETH$1,226.08
2.72%
 
Logo of BNBBNB$276.61
2.13%
 
Logo of XRPXRP$0.33881630
7.51%
 
Logo of BUSDBUSD$1.00
0.08%
---------------------------------------------------------------------
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Trending
1
Trust Wallet Token performance through Nov. 2022
Markets
 
Binance CEO Zhao Pushes for Crypto Self-Custody; Trust Wallet Token
Soars 80% to Record
Nov 13, 2022
2
Sam Bankman-Fried, FTX CEO
Policy
 
Bankrupt FTX Faces Criminal Investigation in the Bahamas
Nov 13, 2022
3
Sunrise over Victoria Harbor
Business
 
Crypto Exchange AAX Suspends Withdrawals as FTX Failure Reverberates
Nov 13, 2022
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Democrats Keep the US Senate but Crypto Only Has Eyes for FTX
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Nov 13, 2022
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