HKVAEX, a Hong Kong platform with reported ties to Binance, sets sights on obtaining a cryptocurrency license in the region.
has been identified as the driving force behind the establishment of a new cryptocurrency trading platform in Hong Kong, theAlthough representatives of Binance have asserted that HKVAEX is not part of the Binance Group, insiders familiar with the situation told SCMP that Binance played a pivotal role in setting up HKVAEX and its mission to obtain a crypto license in Hong Kong.
Notably, HKVAEX’s website relies on Binance servers for fetching content, suggesting a close relationship between the two entities.HKVAEX, officially described as an “independent virtual asset exchange platform based in Hong Kong,” has expressed its intent to pursue a license from the Securities and Futures Commission for virtual asset trading platforms.
While Binance representatives contend that HKVAEX is not part of the Binance Group, the company defines its “Binance group” in its terms of service as an “ecosystem centered around an online exchange for Digital Assets trading,” distinguishing it from “Binance Affiliates.” Since the announcement of the licensing scheme, several exchanges with ties to China have expressed their intentions to pursue licenses in Hong Kong, indicating the region’s growing appeal to crypto businesses.
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