VAEX Crypto Exchange Review: Why This Platform Disappeared from the Market

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 On May 25, 2024, the Hong Kong Securities and Futures Commission (SFC) confirmed VAEX had withdrawn its application.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.