Binance-linked HKVAEX still preparing to apply for license in Hong Kong

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Binance-linked HKVAEX still preparing to apply for license in Hong Kong


Hong Kong cryptocurrency exchange HKVAEX has not applied for a virtual asset trading platform license with Hong Kong’s Securities and Futures Commission (SFC), a spokesperson for HKVAEX has said.

Amid multiple reports erroneously suggesting that HKVAEX has applied for an SFC license, the HKVAEX representative claimed the crypto exchange is yet to submit an application.

“We are still preparing for the application at the moment,” the HKVAEX representative told Cointelegraph on Nov. 27. The spokesperson stressed that HKVAEX should not be confused with VAEXC, which applied for a crypto license in Hong Kong on Oct. 25, according to SFC data.

“VAEXC is another applicant, and they have nothing to do with us,” the HKVAEX representative said, adding that the firm is unrelated to HKVAEX.

Hong Kong VAEXC license application. Source: SFC

The news came a few weeks after the Hong Kong-based publication South China Morning Post (SCMP) reported that Binance was behind the HKVAEX exchange. According to SCMP sources, HKVAEX was set up by Binance to pursue a crypto license in Hong Kong. The report also claimed that HKVAEX’s website uses Binance servers to fetch content.

The logos of cryptocurrency exchanges HKVAEX and Binance. Source: SCMP

HKVAEX and Binance did not respond to Cointelegraph’s request for comment on alleged links between the platforms.

Related: Interactive Brokers Hong Kong licensed in Hong Kong for retail virtual asset trading

According to data from SFC, OSL Digital Securities and HashKey exchanges are the only two crypto trading platforms that have been licensed as virtual asset trading platform operators as of Nov. 27. In August 2023, OSL and HashKey became the first crypto exchanges to start offering crypto trading services to retail customers in Hong Kong under the country’s new crypto regulations.

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