Atom Asset Exchange Explained

Type:Digital Asset Exchange
Industry:Fintech
Founded:2018
Fate:Bankruptcy
Defunct:2022
Services:P2P, Spot, Perpetual Contracts

Atom Asset Exchange (AAX) is a defunct cryptocurrency exchange that offered spot, perpetual contracts and savings products across a wide variety of digital assets, including Bitcoin, Ethereum and others.

History

AAX was formed in 2018, in Seychelles,[1] operating primarily in Hong Kong. CEO Thor Chan has resigned since May, 2021.[2] [3]

Two days after crypto exchange FTX filed for bankruptcy, AAX suspended all withdrawals on 13 November 2022, and deleted its social media accounts.[4] On December 16, its website and App ceased to function. Using the Telegram app, thousands of AAX investors formed multiple online messaging groups, joining their efforts to locate the senior executives of the company. On December 23, 2022, two men were detained by police in Hong Kong.[5] [6]

Products

AAX offered crypto futures contracts, spot pairs, P2P fiat trading, savings products, and API connectivity. AAX supports bitcoin trading along with support for over 20 fiat currencies.[7]

References

  1. News: 2022-12-02 . Crypto exchange AAX's freeze on withdrawals sparks desperate search for funds . Financial Times . 2022-12-22 . 2022-12-22 . https://web.archive.org/web/20221222012406/https://www.ft.com/content/7f115a0e-65dd-4644-a002-15720232935f . live .
  2. Web site: HK's Atom first to use LSE trading tech for crypto exchange. China Daily HK. en. 2019-07-08. 2019-07-08. https://web.archive.org/web/20190708175109/https://www.chinadailyhk.com/articles/232/93/26/1548223494659.html. live.
  3. News: Huang. Zheping. Atom's LSE powered crypto exchange promises to be really fast. Bloomberg. 2019-11-06. 2019-12-03. 2019-12-03. https://web.archive.org/web/20191203114013/https://www.bloomberg.com/news/articles/2019-11-06/atom-s-lse-powered-crypto-exchange-promises-to-be-really-fast. live.
  4. Web site: 2022-11-29 . Hong Kong cryptocurrency exchange AAX in limbo amid FTX crisis . 2022-12-22 . AsiaOne Online . en . 2022-12-22 . https://web.archive.org/web/20221222012952/https://www.asiaone.com/money/hong-kong-cryptocurrency-exchange-aax-limbo-amid-ftx-crisis . live .
  5. News: Ma. Dorothy. Wong. Kiuyan. HK Police Arrest Two Men in Crypto Exchange AAX-Related Case. Bloomberg. 2022-12-24. 2023-01-01. 2022-12-24. https://web.archive.org/web/20221224062903/https://www.bloomberg.com/news/articles/2022-12-24/hk-police-arrest-two-men-in-crypto-exchange-aax-related-case. live.
  6. News: Aoqi. Chen. 2022-12-23. zh:虛擬貨幣交易平台AAX倒閉 警拘兩男涉欺詐 主腦捲2.3億潛逃海外. Virtual currency trading platform AAX collapsed and police detained two men involved in fraud. The mastermind fled overseas with HK$ 230 million.. https://www.hk01.com/%E7%AA%81%E7%99%BC/850338/%E8%99%9B%E6%93%AC%E8%B2%A8%E5%B9%A3%E4%BA%A4%E6%98%93%E5%B9%B3%E5%8F%B0aax%E5%80%92%E9%96%89-%E8%AD%A6%E6%8B%98%E5%85%A9%E7%94%B7%E6%B6%89%E6%AC%BA%E8%A9%90-%E4%B8%BB%E8%85%A6%E6%8D%B22-3%E5%84%84%E6%BD%9B%E9%80%83%E6%B5%B7%E5%A4%96. Chinese. HK01. Hong Kong. 2023-01-01. 2023-01-02. https://web.archive.org/web/20230102062522/https://www.hk01.com/%E7%AA%81%E7%99%BC/850338/%E8%99%9B%E6%93%AC%E8%B2%A8%E5%B9%A3%E4%BA%A4%E6%98%93%E5%B9%B3%E5%8F%B0aax%E5%80%92%E9%96%89-%E8%AD%A6%E6%8B%98%E5%85%A9%E7%94%B7%E6%B6%89%E6%AC%BA%E8%A9%90-%E4%B8%BB%E8%85%A6%E6%8D%B22-3%E5%84%84%E6%BD%9B%E9%80%83%E6%B5%B7%E5%A4%96. live.
  7. Web site: Hong Kong's Atom is first to use LSE tech for crypto exchange. 2019-01-23. The Business Times. en. 2019-07-08. 2019-09-18. https://web.archive.org/web/20190918233639/https://www.businesstimes.com.sg/companies-markets/hong-kong%E2%80%99s-atom-is-first-to-use-lse-tech-for-crypto-exchange. live.

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