Binance Allegedly Supports New Cryptocurrency Exchange in Hong Kong License Bid

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Binance, the well-known cryptocurrency exchange, appears to be linked to a recently established cryptocurrency trading platform in Hong Kong. This trading platform, named HKVAEX, was founded in December 2022 and started offering its trading services in February.

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The platform has now revealed its plans to seek a license for cryptocurrency trading in the city. This information comes from a report by the South China Morning Post.

HKVAEX Aims to Secure Hong Kong License

Insiders, who wish to remain anonymous, suggest that Binance is backing HKVAEX in its quest for a crypto license in Hong Kong. HKVAEX is a separate entity operating under BX Services Limited in Hong Kong, but they appear to share resources. The exchange’s website even mentions using Binance servers.

When asked about its connection with Binance, HKVAEX insisted that it’s an independent virtual asset exchange based in Hong Kong. They are a team of tech and financial experts preparing to apply for a virtual asset trading platform license from the Securities and Futures Commission.

Binance Clarifies Its Separation from HKVAEX

Binance has made it clear that HKVAEX is not part of its Binance Group, emphasizing that it distinguishes between its core online digital assets exchange ecosystem and its affiliates.

Binance’s move to support the establishment of an independent exchange in Hong Kong appears to be a strategic decision, allowing them to tap into opportunities in a market aiming to become a more significant player in the global cryptocurrency industry.

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This move comes at a time when Binance is facing increasing legal scrutiny and challenges related to liquidity in various international markets.

Hong Kong introduced a new licensing scheme this year to attract participants in the cryptocurrency industry by providing a stable legal framework.

Many exchanges with ties to China have announced their intention to seek a Hong Kong license since the introduction of this scheme. However, Binance, which was founded in Shanghai in 2017, has been relatively silent on the matter.

HKVAEX is preparing to apply for Hong Kong’s virtual asset license, but questions have been raised about its connection to Binance. While HKVAEX operates independently, there is evidence that it sources some of its services from global exchanges, including Binance.

The similarities between the two exchanges extend to their websites, shared code, and the use of Binance’s content delivery domain. Additionally, they have nearly identical templates for their terms of use, which raises questions about shared legal resources.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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