Crypto exchange giant Binance appears to have ties with a recently established cryptocurrency trading platform in Hong Kong. The platform, named HKVAEX, has announced its intention to apply for a license in the city, according to a report by the South China Morning Post.
HKVAEX was created in December 2022 and launched its trading services in February. Insiders close to the company, who spoke on the condition of anonymity, suggest that Binance is driving HKVAEX’s efforts to secure a crypto license in Hong Kong. Although HKVAEX operates as a separate entity under BX Services Limited, it shares resources with Binance.
The exchange’s website also reveals that it utilizes Binance servers for content retrieval. When questioned about its association with Binance, HKVAEX affirmed its status as an independent virtual asset exchange platform in Hong Kong. The platform is operated by a team of technology and financial services professionals who are actively preparing to apply for a virtual asset trading platform license from the Securities and Futures Commission.
Binance has explicitly stated that HKVAEX is not part of the Binance Group of companies. Binance distinguishes its “Binance group” as an ecosystem centered around its online digital assets exchange, separate from “Binance Affiliates.” The move to establish an independent exchange in Hong Kong may allow Binance to take advantage of the opportunities presented by a market seeking to have a larger role in the global cryptocurrency industry.
