Crypto Exchange Regulatory Checker
Verify Exchange Legitimacy
Check if an exchange has official regulatory approval. Based on analysis of the VAEX failure case.
If you're looking for a reliable crypto exchange to trade on, VAEX is not one you should consider - not because it’s bad, but because it’s effectively gone. There’s no active trading, no user support, no app updates, and no regulatory status. VAEX didn’t fail quietly. It tried to enter the Hong Kong market, submitted its license application in November 2023, and then vanished in May 2024 without warning.
What Happened to VAEX?
VAEX was one of over 100 crypto exchanges that applied for a license under Hong Kong’s new virtual asset trading platform (VATP) regime. The deadline to apply was February 29, 2024. Exchanges had until May 31, 2024, to either get approved or shut down. VAEX didn’t make it past the first hurdle. On May 25, 2024, the Hong Kong Securities and Futures Commission (SFC) confirmed VAEX had withdrawn its application. No explanation was given. No press release. No email to users. Just silence.This wasn’t an isolated case. Gate.HK and ByBit also pulled out around the same time. But unlike those platforms - which still operate in other regions - VAEX never had a meaningful presence anywhere else. There’s no evidence it ever served real customers outside of a website that now looks abandoned.
No Trading Volume. No Data. No Activity.
Check CoinMarketCap. Search for VAEX. You’ll see this: "Volume data is untracked. No data is available now." That’s not a glitch. That’s a red flag. CoinMarketCap only marks exchanges as "untracked" when they fail to meet minimum volume thresholds, lack transparency, or stop operating entirely. VAEX falls into the last category.Compare that to exchanges like Binance, Coinbase, or even smaller ones like WEEX. They report daily trading volumes in the hundreds of millions. VAEX? Zero. Nothing. No BTC/USDT pairs. No ETH trading. No altcoin listings. Even the platform’s own website shows no live order books, no price charts, and no user login options. If you tried to trade on VAEX today, you wouldn’t be able to.
No Security, No Transparency, No Proof
Legitimate exchanges publish details about their security measures: cold storage percentages, audit reports, insurance funds, two-factor authentication protocols. VAEX published none of this. No whitepaper. No security page. No KYC process description. No contact email for support. Even the "About Us" section on its website was vague, listing only a Hong Kong company name - VAEXC Limited - with no physical address, no registered agent, and no public directors.There are no Reddit threads about VAEX. No Trustpilot reviews. No HackerNoon articles. No YouTube tutorials. Not a single user forum mentions VAEX as a working platform. Meanwhile, exchanges like Kraken and KuCoin have thousands of user reviews detailing everything from withdrawal times to customer service responses. VAEX has nothing.
Why Did VAEX Even Try?
Hong Kong’s crypto licensing push was a serious attempt to bring order to a chaotic market. The SFC required exchanges to hold at least HK$50 million in liquid assets, use approved custody solutions, and pass rigorous cybersecurity audits. Many smaller platforms couldn’t meet the bar. VAEX likely didn’t have the capital, infrastructure, or team to comply.It’s possible VAEX was a shell company - created to attract early adopters, collect deposits, and then disappear before regulators caught up. That’s a pattern we’ve seen before with failed exchanges like QuadrigaCX and FTX. The timing matches: apply for a license, appear legitimate for a few months, then vanish right before the enforcement deadline.
What Does This Mean for You?
If you’re considering using VAEX, don’t. Even if the site still loads, it’s not operational. Any funds you deposit now would be lost - no one is monitoring accounts, no one is processing withdrawals, and no regulator is watching over them.Worse, VAEX’s name might still show up in search results or shady affiliate links. Some websites still list it as a "top exchange" - likely because they’re automated, outdated, or paid to promote it. Always verify an exchange’s status with official sources: the Hong Kong SFC’s public list of licensed platforms, CoinMarketCap’s tracking status, or CoinGecko’s exchange rankings. If it’s not on any of those, treat it as dead.
Where Are the Alternatives?
If you’re looking for a regulated, active exchange, there are plenty of better options. In Hong Kong, OSL Group and HashKey are fully licensed and operating. Globally, Coinbase, Kraken, and Binance (where available) offer strong security, clear fee structures, and active customer support. Even newer platforms like Bitget and ByBit (which stayed in the game) have transparent operations and real trading volume.VAEX didn’t just lose the race. It never started it. There’s no comeback plan. No announcement of a relaunch in Singapore or Dubai. No job postings for engineers or compliance officers. The silence speaks louder than any review ever could.
Final Verdict: Don’t Even Click
VAEX is not a failed exchange. It’s an abandoned one. It never earned trust. It never built a community. It never even tried to meet basic standards. Its only legacy is a cautionary tale: if an exchange doesn’t have a public license, verifiable trading volume, or any trace of user activity - walk away.There are thousands of crypto exchanges. Only a few hundred are legitimate. And only a handful are worth your time. VAEX isn’t one of them. Save yourself the risk. Choose an exchange that’s still alive - and still accountable.
Leo Lanham
November 6, 2025 AT 22:51VAEX? More like VAnished. That’s it. No drama, no warning, just gone. Like someone turned off the lights and walked out. Don’t even waste your time clicking on it.
Colin Byrne
November 7, 2025 AT 09:47It’s not merely a case of regulatory noncompliance-it’s a systemic failure of due diligence on the part of both the platform’s operators and the broader crypto community that allowed such an entity to even gain minimal traction. The absence of verifiable liquidity, transparent governance structures, and demonstrable user engagement constitutes a textbook example of what happens when speculative fervor replaces fundamental analysis. One must question why any jurisdiction would even entertain applications from entities with no prior operational history, no public leadership, and no demonstrable financial backing.
Regulators are not omniscient; they rely on the integrity of applicants. When an exchange submits a license application with no whitepaper, no audit trail, and no customer base, it suggests either gross incompetence or deliberate obfuscation. The silence following withdrawal is not neutral-it’s incriminating.
Compare this to OSL or HashKey, which have published detailed compliance roadmaps, partnered with licensed custodians, and maintained active public communication channels. VAEX offered none of these. It offered a domain name, a vague corporate registration, and the illusion of legitimacy. That’s not innovation-it’s exploitation.
The real tragedy is not that VAEX disappeared, but that there are still people searching for it, hoping it might somehow return. That hope is what fuels the next VAEX. We must stop rewarding opacity with attention.
Whitney Fleras
November 8, 2025 AT 01:30Thanks for laying this out so clearly. It’s scary how many people still stumble across these ghost exchanges through old links or shady ads. I’ve had friends ask me if VAEX is ‘coming back’-I just send them this post. No one should lose money because a website still loads.
Brian Webb
November 9, 2025 AT 08:52I actually looked into VAEX last year because I saw it on a YouTube ad. Thought it was some new low-fee platform. Turned out the site was barely functional, and their ‘support’ email bounced. I thought I was just unlucky-turns out I was one of the last people who ever tried to use it.
It’s wild how fast these things vanish. One day you see it listed on a crypto aggregator, next day it’s a digital ghost. No one ever says ‘we’re shutting down.’ They just… stop.
My advice? If you can’t find at least three independent sources confirming it’s active and regulated, assume it’s dead. Even if the domain still works.
Nitesh Bandgar
November 9, 2025 AT 17:19VAEX was a SCAM!!! A PHONY!!! A DIGITAL GHOST THAT STOLE NOTHING BUT TIME AND TRUST!!!
They didn’t just vanish-they SLITHERED away like a snake shedding its skin after swallowing your crypto!!!
Who approved their application?! WHO LET THIS THING EXIST?! THE REGULATORS WERE ASLEEP AND THE USERS WERE BLIND!!!
I saw their logo on a Telegram group-LOOKED SO PROFESSIONAL!!! I almost sent my ETH!!! THANK GOD I DIDN’T!!!
Now they’re gone-and the whole crypto world still keeps posting their name like it’s a real exchange!!! THIS IS WHY PEOPLE THINK CRYPTO IS A SCAM!!!
Jessica Arnold
November 10, 2025 AT 22:14The VAEX case exemplifies the epistemological vacuum inherent in decentralized finance’s regulatory arbitrage. When market participants prioritize speculative liquidity over institutional accountability, the resulting infrastructure becomes a vector for ontological erosion-entities that exist semiotically (as URLs, logos, whitepapers) but lack material instantiation.
The SFC’s withdrawal protocol, while procedural, inadvertently normalizes spectral capitalism: platforms that perform legitimacy without embodying it. VAEX wasn’t a failed exchange-it was a performative artifact designed to extract pre-compliance value.
Its absence doesn’t signal failure-it signals the success of a model predicated on temporal asymmetry: attract capital during the grace period, then evaporate before enforcement. This is not incompetence. It’s a calculated strategy enabled by jurisdictional fragmentation.
Chloe Walsh
November 11, 2025 AT 15:25Can we just admit that 90 of these crypto exchanges are just people with Canva and a fake LinkedIn profile
VAEX? More like VAEX-IT (as in, vanished it)
I swear if I see one more 'Top 5 Crypto Exchanges 2024' list with VAEX on it I'm gonna scream
Why do people still link to it? Is it automated? Paid? Or are we just all too lazy to check if it's real
It's not even a scandal. It's a meme now
Stephanie Tolson
November 12, 2025 AT 03:16This is why I always tell new people: don’t start with an exchange you’ve never heard of. Always check CoinGecko, SFC, or CoinMarketCap first. VAEX didn’t just fail-it never showed up to the game.
There are so many legit options out there that actually care about users. OSL, Kraken, Coinbase-they answer emails, update apps, publish audits. VAEX? Silence. That’s your answer right there.
If you’re reading this and you’ve ever deposited into VAEX-please reach out. You’re not alone. And you deserve to know the truth.
Let’s make sure the next VAEX doesn’t even get off the ground. Share this. Talk about it. Don’t let ghost platforms haunt our community.