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

HKVAEX and VAEXC: Two Different Crypto Exchanges

A spokesperson from HKVAEX has clarified that the cryptocurrency exchange has not yet applied for a virtual asset trading platform license with Hong Kong’s Securities and Futures Commission (SFC). This is despite reports falsely suggesting that HKVAEX has submitted an application.

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

“VAEXC is another applicant, and they have nothing to do with us,” the HKVAEX representative said, emphasizing that the two firms are unrelated.

Binance and HKVAEX Exchange

Recent reports from South China Morning Post (SCMP) suggested that Binance was the driving force behind the HKVAEX exchange. Sources from SCMP claimed that Binance was aiming to acquire a crypto license in Hong Kong, and the website of HKVAEX was using Binance servers to fetch content. However, both Binance and HKVAEX declined to comment on the alleged link between the two platforms when asked by Cointelegraph.

As of November 27th, only two crypto exchanges, OSL Digital Securities and HashKey, have been licensed as virtual asset trading platform operators. In August 2023, OSL and HashKey became the first crypto exchanges to start providing crypto trading services to retail customers in Hong Kong under the new crypto regulations.

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