Crypto Exchange HKVAEX Applies for Virtual Asset Trading Platform License in Hong Kong
Crypto exchange HKVAEX, reportedly backed by Binance, has submitted an application for a virtual asset trading platform license with Hong Kong’s Securities and Futures Commission (SFC).
HKVAEX is the latest platform to apply for the license, joining Panthertrade and OKX who also recently applied.
In June, Hong Kong implemented new regulations allowing retail investors to trade virtual assets. The SFC has started issuing licenses to crypto exchanges as part of these regulations, with OSL and HashKey being the only platforms approved so far.
Binance Reportedly Backs HKVAEX
Binance is reportedly behind HKVAEX, according to industry insiders. The exchange was established by Binance to pursue a crypto license in Hong Kong.
HKVAEX refuted the allegations of being backed by Binance and claimed to operate independently as a virtual asset exchange platform based in Hong Kong.
Hong Kong to Expedite Approval Process For Crypto Products
The JPEX scandal has prompted the Hong Kong government to expedite the approval process for cryptocurrency products in order to promote compliance in the industry.
Financial technology solution providers have shown interest in integrating tokenized platforms with banks, leveraging public trust in banks and facilitating the growth of the virtual asset industry.
Regulatory authorities have expedited product approvals since the JPEX incident, and non-compliant platforms will face stricter monitoring to prevent excessive advertising.
Hot Take: Binance-Linked Crypto Exchange HKVAEX Applies for Virtual Asset Trading Platform License in Hong Kong
Crypto exchange HKVAEX, reportedly supported by Binance, has applied for a virtual asset trading platform license with Hong Kong’s Securities and Futures Commission (SFC). This move comes after the implementation of new regulations in Hong Kong that allow retail investors to trade virtual assets. The SFC has started issuing licenses to crypto exchanges, with OSL and HashKey being the only platforms approved so far. HKVAEX is now joining the list of platforms applying for this license, including Panthertrade and OKX. Additionally, it has been reported that Binance is behind HKVAEX, although the exchange has denied these allegations and claims to operate independently.
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