Binance Targets Hong Kong Market, Launches HKVAEX Crypto Platform

Binance opens a new crypto exchange in Hong Kong. (Photo; Doc. Bitcoinheat)

JAKARTA - Binance, the world's largest crypto exchange, has reportedly launched a digital asset trading platform in Hong Kong. The platform is called HKVAEX and aims to offer crypto services to customers in the region.

According to the South China Morning Post, Binance founded the HKVAEX company last year to administer a virtual asset service (VASP) license in Hong Kong. The company started operating in February under a separate entity known as the BX Services Limited.

HKVAEX denies that they are part of Binance. They claim that they are independent virtual asset exchange platforms operated by experienced financial technology and professional teams. They are also preparing to apply for a virtual asset trading license to the Hong Kong Securities and Futures Commission (SFC).

However, trusted sources say that the relationship between Binance and HKVAEX is closer than visible. Both exchanges are reportedly sharing resources and using Binance servers to access content.

The two companies also often appear together at events in Hong Kong and collaborate in activities such as crypto workshops and HKVAEX registration promotions. Meanwhile, Binance has not provided official information about their efforts to obtain a license in Hong Kong.

Hong Kong has opened up opportunities for licensed crypto exchanges to serve retail customers since last July, and many global crypto companies are racing to get operating permits there. Binance itself has applied to be registered in Taiwan to comply with anti-money laundering regulations.