Binance-Linked Crypto Exchange HKVAEX Applies for Virtual Asset Trading Platform License in Hong Kong

cryptonews.com:

Crypto exchange HKVAEX, which is reportedly backed by Binance, has applied for a virtual asset trading platform license with Hong Kong’s Securities and Futures Commission (SFC). 

According to Hong Kong’s lists of virtual asset trading platforms, HKVAEX submitted the application on November 25, becoming the latest platform to do so. 

Panthertrade and OKX are two other crypto platforms that have applied for a virtual asset trading platform license so far this month. 

Back in June, Hong Kong implemented its new regulatory framework for crypto last month. 

The new rulebook  allows retail investors  the ability to trade virtual assets, instead of restricting digital assets trading to professional investors and traders with at least $1 million in bankable assets.

As part of the new regulations, the SFC has also started providing licenses to crypto exchanges. 

OSL and HashKey are the only two virtual asset trading platforms that have seen their licenses approved by the SFC. 

Binance, the world’s largest cryptocurrency exchange, is reportedly behind HKVAEX.

According to an  October report from The South China Morning Post , HKVAEX, which was established in December 2022 and launched its trading platform in February, was set up by Binance to pursue a crypto licence in Hong Kong.

The report cited three industry insiders close to the company, who spoke on the condition of anonymity because the information is private.

HKVAEX was created as a separate entity in Hong Kong under the company BX Services Limited. 

However, the companies share resources, the people said, and the exchange’s website shows that it is using Binance servers for fetching content.

HKVAEX refuted the allegations, claiming that it operates “an