In light of the insolvency of one of our industry’s largest players last week, crypto users are rightfully concerned about the operational and financial stability of centralized digital asset exchanges. At AAX, we have always put our users first, and here we would like to share with you the following updates regarding our current situation. We are hopeful that as a community we can brave through these troubling times, together.

  1. AAX scheduled a system upgrade that will help protect our users from the multiple malicious attacks that we’ve observed during this vulnerable time. Due to the failure of our third-party partner, some users' balance data were found abnormally recorded in our system. Hence, limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users’ holdings.

  2. AAX will continue our best efforts to resume regular operations for all users within 7-10 days to ensure the utmost accuracy. In this light, withdrawals have been suspended to avoid fraud and exploitation. We understand it is important for users to be able to withdraw and transact as soon as possible, and we are working extremely hard to offer limited withdrawals to minimize risk.

  3. Meanwhile, we have created an AAX User Withdrawal Request Form for withdrawal and other operational requests. Our Customer Service Team will follow up and strive to resolve the requests manually one by one in close coordination with our security, operations and compliance team to ensure a smooth process. Expect manual withdrawals to take longer than usual.

  4. AAX has set up a dedicated Task Force to closely monitor the situation and provide daily updates everyday at 12:00pm (UTC+8) on our official social media and telegram communities, including the status for daily withdrawals and the progress of our system updates. And we seek to provide the highest level of transparency on our liquidity and risk management.

We are optimistic as we continue building our platform, engaging new markets and expanding our operations and we count on your calm resolve to weather through this complicated moment. We will continue to drive forward together by protecting our users as our highest priority. AAX information will be issued from the official AAX website and the following social media platforms only. AAX reserves the right to bring legal action against false accusations and allegations from any person or institution.

Please also note that no one from AAX or any of our affiliated partners will ever ask you for account passwords, 2FA codes, or any information that would compromise access to your funds. Requests for manual withdrawals, however, will require UID and relevant information to verify user identity such as a copy of your ID and registered contact information.

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AAX Team

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