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AAX, a cryptocurrency exchange, announced that it has halted operations, citing a planned update that had been postponed by choppy markets. The Hong Kong-based corporation announced Sunday that services would be delayed by up to 10 days due to the collapse of a third-party partner. The competitor FTX, whose demise has wreaked havoc on the business, was not named by AAX and claimed to have no exposure to it. https://twitter.com/AAXExchange/status/1591844789137600512
AAX Suspended Withdrawals to Prevent Fraud
The company stated that withdrawals are banned to prevent fraud and manipulation. In order to assure the highest accuracy, AAX will keep making every effort to restore daily operation for all users within 7–10 days. The business said that once a collaborator failed and the system recorded anomalous data, users' balances had to be manually restored. Ben Caselin, vice president, posted a tweet that the postponement was being implemented as a precaution after planned maintenance. https://twitter.com/BenCaselin/status/1591837425214849024
No Financial Connections With FTX
The business, which used matching technology developed by the London Stock Exchange Group when it originally debuted in 2019 as an external user, declared on Friday that it had no financial connections to FTX or its subsidiaries and that the FTX demise has had no bearing on the AAX business. According to the company, a significant amount of its assets are maintained in cold wallets, and user money is not lent out for business ventures.