Binance, the largest cryptocurrency exchange by trading volume, is reportedly backing HKVAEX, a Hong Kong-based cryptocurrency trading platform, to secure a local crypto license in the region, the South China Morning Post (SCMP) reported on Oct. 25.
HKVAEX was established in Dec. 2022 as a separate entity but reportedly shared resources with Binance.
HKVAEX informed SCMP that it is an independent platform with a dedicated team that manages it. The platform is presently in the process of seeking a license to operate as a cryptocurrency trading platform.
On the other hand, a Binance spokesman stated that HKVAEX had no affiliation with the Binance Group of companies.
Binance and HKVAEX have yet to reply to CryptoSlate’s request for comment as of press time.
In recent months, numerous cryptocurrency exchanges, including OKX, have shown interest in expanding to Hong Kong following the introduction of new regulations permitting licenses for retail trading. Despite this trend, Binance has n
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