Binance-linked HKVAEX Still Preparing to Apply for License in Hong Kong

Hong Kong cryptocurrency exchange HKVAEX has clarified that it has not yet applied for a virtual asset trading platform license with Hong Kong’s Securities and Futures Commission (SFC), despite multiple reports suggesting otherwise. A spokesperson for HKVAEX stated that they are currently in the process of preparing the application. The exchange also emphasized that it should not be confused with VAEXC, another applicant for a crypto license in Hong Kong. The news comes after reports claimed that Binance was behind the HKVAEX exchange.

HKVAEX Representative Sets the Record Straight

A spokesperson for HKVAEX recently confirmed to Cointelegraph that the exchange has not yet submitted an application for a virtual asset trading platform license with Hong Kong’s SFC. The representative clarified that they are still in the preparation phase and should not be confused with VAEXC, which applied for a crypto license in Hong Kong on October 25. The HKVAEX representative stated that the two entities are completely unrelated.

Reports of Binance's Involvement

Earlier this month, the South China Morning Post (SCMP) reported that Binance was connected to the HKVAEX exchange. According to sources cited by SCMP, HKVAEX was established by Binance with the intention of obtaining a crypto license in Hong Kong. The report also claimed that HKVAEX's website uses Binance servers to retrieve content. However, neither HKVAEX nor Binance have commented on these alleged links between the two platforms.

Current Licensed Crypto Trading Platforms in Hong Kong

As of November 27, the Securities and Futures Commission has issued virtual asset trading platform licenses to only two crypto exchanges: OSL Digital Securities and HashKey. These two platforms became the first to offer crypto trading services to retail customers in Hong Kong under the country's new crypto regulations in August 2023.