Binance-linked HKVAEX Applying for License in Hong Kong: Fetch.ai, UST Crypto, and More

HKVAEX and VAEXC: Unrelated Crypto Exchanges

HKVAEX, a Hong Kong cryptocurrency exchange, has not yet applied for a virtual asset trading platform license with Hong Kong’s Securities and Futures Commission (SFC), according to a spokesperson for HKVAEX.

Despite reports that suggest the contrary, the representative from HKVAEX emphasized that the process of application is still ongoing. “We are still preparing for the application at the moment,” the HKVAEX representative told Cointelegraph on Nov. 27. The spokesperson further clarified that HKVAEX should not be confused with VAEXC, which applied for a crypto license in Hong Kong on Oct. 25, according to SFC data.

The representative also noted that VAEXC has no connection to HKVAEX. “VAEXC is another applicant, and they have nothing to do with us,” the HKVAEX representative said, adding that the firm is unrelated to HKVAEX.

Crypto Exchanges Pursue Licenses in Hong Kong

The South China Morning Post (SCMP) reported that Binance had set up the HKVAEX exchange to pursue a crypto license in Hong Kong. According to SCMP sources, the website of HKVAEX used Binance servers to fetch content. Despite requests from Cointelegraph, neither HKVAEX nor Binance responded to the alleged links between the platforms.

As of Nov. 27, the only two crypto trading platforms licensed as virtual asset trading platform operators in Hong Kong are OSL Digital Securities and HashKey exchanges. Back in August 2023, OSL and HashKey became the first crypto exchanges to offer crypto trading services to retail customers in Hong Kong under the country’s new crypto regulations.

The emergence of HKVAEX and other crypto exchanges such as Fetch.ai, UST Crypto, Best Crypto Alerts, Aventus Crypto, Big Crypto, Audius Crypto, Best Crypto Sources, and AIOZ Crypto, has increased the competition among the best web 3.0 crypto platforms.