As of 2nd June 2021 The AAX Exchange will be suspending all fiat currency deposits and withdrawls,
JUST WHAT WILL THIS MEAN FOR CUSTOMERS?
As of June 2nd you will no longer be able to deposit your local currency to AAX and they will switch off fiat withdrawals from 7th June 2021.
Not exactly sure how this might affect deposits or withdrawls via a bank transfer so please double check beforehand
You will still be able too buy crypto with cash using their P2P or Quick buy and sell services and I assume you will be able to send your crypto to a wallet address, however this has not been confirm so I would suggest doing your own research before considering leaving any fiat or crypto on the exchange past this day unless of course they have confirmed the continued service of sending and receiving crypto via your wallet address.
SERVICE SWITCH OFF DATES
Please note these are the cut off timelines, I would think that now would be probably a good time to move any fiat funds that you have on this exchange which you may wish to withdrawl to a safer place until you know more.
June 2 10:00am UTC: Fiat Deposit switched off.
June 7 10:00am UTC: Fiat Withdrawal switched off.
June 7 10:00am UTC: Crypto to Fiat convert switched off.
They do claim they do plan on reinstating fiat deposit and withdrawal services no later than the end of August 2021.
However I am not an expert on exchanges so I am airing on the side of caution, I received this information by electronic mail and felt it was something that the greater crypto community should be made aware of, I would hate to see my fellow crypto enthusiasts lose any options before these services are switched off.
AAX has also removed ZIL/BTC spot trading pairs on 28th May 2021, some who use the platform on a regular basis may already be aware of these changes, but I suspect not all will be.
AAX RESEARCH FROM CRUNCHBASE
According to Crunchbase AAX is the world's first digital asset exchange powered by LSEG Technology, with Headquarters in the Greater Chicago area, Great Lakes and the Midwestern regions of the USA.
AAX was founded on the 22nd January 2019 and I believe they started accepting fiat currency for deposits and withdrawls roughly 6 months ago.
They use institutional grade tech and offer users the opportunity to trade spot and futures markets for cryptocurrencies.
They are compliant with KYC and AML processes, combined with what they claim are world-class security measures from Kroll, AAX says they delivers a highly reliable, scalable, secure and liquidity-rich exchange platform for all investors.
For those that use this AAX exchange I hope you found this information useful, Although I set up an account I am not really interested in regulated KYC service providers so I never fully registered my account or used the platform so my experience with them is zero as was my knowledge of the services, I had to do some digging for the information provided using the Presearch Search Engines.
As I have previously stated I am certainly not a financial or exchange expert so do follow up and do your own research as it may be possible that I have not included all the relevant information or made a simple miscalculation on something
Well as always I hope you enjoyed the read and found this information useful if so give us an upvote and reblog for good measure so that I may reach other readers and gain new followers, I would very much appreciate that.
