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Thursday, February 9, 2023

AAX Denies Exposure To FTX

The recent panic in the cryptocurrency market has not only affected exchanges but also other companies that have ties with the sector. AAB Capital Markets, which operates AAX, is one such company. However, it says that its withdrawal halt is unrelated to FTX contagion.

AAX, the native exchange of London-based cryptocurrency exchange operator AAB Capital Markets, has said that it is not connected with FTX.

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According to a press release from AAX, which was issued on Thursday morning local time, “AAX India does not have any relation with the FTX trading platform.” The company also said that the withdrawal halt on its platform was unrelated to any “contagion” from other platforms.

AAX Discloses No Relation With FTX

In another tweet this morning, AAX said: “Please note that @aax_india has no connection & is not responsible for what happens on any other trading platforms or exchanges.”

In a blog post, AAX’s chief operating officer opined on the cryptocurrency price movements and explained that the company had not been affected by FTX contagion. The blog post also revealed that AAX will soon start accepting new users and will open accounts for them soon.

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The exchange, which is based in London, will begin trading on August 29th according to a press release published by AAX on August 27th. It appears that this news was not picked up by Western media outlets like CoinDesk until late September 2019.

The exchange also announced a new partnership with Nucleus Vision (NCASH) as part of its launch plans: “Our users can participate in the NCASH loyalty program by simply depositing or withdrawing their NCASH tokens from the platform” said Pradeep Goel, CEO and Co-Founder of AAX

This is just the latest chapter in the ongoing saga of FTX, which was first launched in June of 2018. It appears that many users are still waiting for their withdrawals to be processed and some have been waiting for months or even years. The company has faced criticism from its customer base over the course of this time period due to poor customer service and transparency issues. The latest news from AAX seems positive as it will soon reopen new accounts for users who wish to join their platform, though there are still concerns over whether or not these accounts will have access to fiat trading pairs like USD/EURO.

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