TechFlow news, according to CoinDesk, cryptocurrency exchange AAX announced in a recent statement that it will close derivative positions. The platform stated: "To protect user interests, during system maintenance, AAX will automatically liquidate all futures positions on the platform." Liquidation will begin at 16:00 UTC on November 21 (00:00 Beijing time on November 22) using Binance prices. Following verification of data integrity and completeness, contract trading will resume, while other services require further assessment.
Over the weekend, AAX issued an announcement stating that over the past week it had met with more than 50 investors, some of whom have entered into negotiations. Optimistically, AAX expects it may secure sufficient funding in the coming weeks to resume normal operations. Additionally, AAX indicated that under the most challenging circumstances, it would be willing to explore debt-to-equity conversion structures, as industry precedents suggest this approach is more likely to help AAX fully restore operations—a viable option under current conditions.
Earlier on November 13, AAX's website suddenly suspended services, citing errors by a third-party partner during system upgrades that resulted in suboptimal integrity of certain user data, affecting platform services and risk controls.Original link
