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The world’s largest crypto exchange Binance established crypto derivatives trading platform HKVAEX seeking a virtual asset trading license in Hong Kong, according to sources familiar with the matter. HKVAEX, established in December last year, shares resources and uses Binance servers for fetching content. Moreover, the companies have jointly appeared in several events in Hong Kong.
Binance Established HKVAEX In Hong Kong
Binance is behind the virtual assets derivatives exchange HKVAEX seeking a license in Hong Kong, reported South China Morning Post on October 25. According to three industry insiders close to HKVAEX, the company was set up by Binance in December 2022 to gain a crypto license in Hong Kong.
While HKVAEX is a separate company under BX Services Limited, it shares resources and Binance servers for fetching content. Both companies’ main websites share similarities including shared code and the use of Binance’s content delivery domain bnbstatic.com. In fact, the companies’ terms of use are identical, suggesting the two may also be sharing legal resources.
Furthermore, Binance and HKVAEX appeared in various events in Hong Kong this year. In March, Binance Academy, BNB Chain, and HKVAEX collaborated with the University of Hong Kong’s Blockchain Lab in a crypto workshop. In April, HKVAEX described Binance as a partner in a promotional offer for opening an account.
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Responses By Crypto Exchanges
HKVAEX in an email denied its link with Binance, saying the company is an independent virtual asset exchange in Hong Kong.
“It’s operated by a team of technology and seasoned professionals from the financial services sector, currently preparing to apply for the [Securities and Futures Commission’s virtual asset trading platform] license.”
Binance’s representative also denied that HKVAEX is related to the largest exchange. “Binance group” in terms of service is focused on online exchange for crypto assets, which is distinct from “Binance Affiliates’’.
However, Binance having an independent exchange HKVAEX will allow it to have a significant presence in Hong Kong amid increased scrutiny and liquidity issues faced by Binance.
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