Binance, the world’s leading cryptocurrency exchange, has recently been facing some speculation concerning its potential association with a newly unveiled trading platform in Hong Kong.

According to local news media South China Morning Post, citing sources familiar with the matter, Binance might be the force behind HKVAEX, a newly minted crypto trading platform in Hong Kong. 

HKVAEX: A New Contender Or A Strategic Move?

Established in December 2022, HKVAEX commenced its trading operations two months later, in February. While the platform presents itself as an independent entity operating under the umbrella of BX Services Limited, the report citing three industry insiders points towards shared resources with Binance.

This speculation is further fueled by the discovery that the new platform relies on Binance servers to fetch its data. According to the report, in an attempt to shed light on its affiliation, HKVAEX communicated via email that it functions as an “independent virtual asset exchange platform” in Hong Kong.

The platform further clarified its intention to apply for the Securities and Futures Commission’s virtual asset trading platform license, emphasizing its autonomous operations.

Binance, on the other hand, maintains a clear stance. A representative from the company categor

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Author: Samuel Edyme

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