A Digital Asset Exchange Associated with Binance Aims to Obtain License in Hong Kong
A digital asset exchange platform linked to Binance, one of the largest cryptocurrency exchanges, has expressed its intention to apply for a license in Hong Kong. Known as HKVAEX, the exchange was established as a separate entity under BX Services Limited, with Binance being its backer. It launched its trading platform in February after being founded in December.
According to sources familiar with the matter, Binance created HKVAEX specifically to pursue a crypto license in Hong Kong. The two companies and their executives have participated jointly in public events in the city, and their websites share similarities in code and content delivery domain. However, Binance does not consider HKVAEX as part of its group of companies.
New Licensing Scheme for Crypto Industry
The news about HKVAEX’s plans to secure a license comes after Hong Kong implemented a new licensing framework aimed at attracting crypto industry players. The Securities and Futures Commission (SFC) CEO Julia Leung states that the comprehensive regulatory framework aims to provide investor protection and manage risks while supporting sustainable development and innovation.
Hot Take
A digital asset exchange associated with Binance, called HKVAEX, is reportedly seeking a license in Hong Kong. While operating as a separate entity under BX Services Limited, Binance is said to be behind this move. The exchange launched its trading platform earlier this year and shares similarities with Binance’s website. This news comes after Hong Kong introduced new regulations to attract players in the crypto industry. If successful, securing a license will enable HKVAEX to operate legally in one of Asia’s leading finance hubs.
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