Binance Establishes HKVAEX in Hong Kong
Sources familiar with the matter have revealed that Binance, the world’s largest crypto exchange, has established a crypto derivatives trading platform called HKVAEX in Hong Kong. The purpose of establishing HKVAEX is to seek a virtual asset trading license in Hong Kong. HKVAEX was set up by Binance in December 2022 and shares resources and Binance servers for fetching content. The two companies have also appeared together at various events in Hong Kong.
HKVAEX Denies Link with Binance
HKVAEX, in an email response, denied any link with Binance and claimed to be an independent virtual asset exchange in Hong Kong. However, industry insiders have pointed out that both companies’ main websites share similarities, including shared code and the use of Binance’s content delivery domain. Despite the denial, Binance having an independent exchange like HKVAEX allows it to maintain a significant presence in Hong Kong amid increased scrutiny and liquidity issues faced by Binance.
Hot Take: Binance Expands Presence in Hong Kong through HKVAEX
Binance’s establishment of HKVAEX in Hong Kong indicates its strategy to expand its presence and operations in the region. By setting up a separate company for virtual asset trading and seeking a license, Binance can navigate regulatory challenges and continue serving customers in Hong Kong. This move comes at a time when Binance has been facing increased scrutiny from regulators worldwide. With HKVAEX, Binance can leverage its resources and maintain its influence in one of Asia’s key financial centers.
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