Binance Sets Up Crypto Exchange in Hong Kong for Local Registration

According to sources familiar with the matter, Binance has reportedly established a crypto exchange in Hong Kong and is interested in obtaining a local crypto license.

The South China Morning Post, citing three sources, stated that HKVAEX was founded by the world’s largest crypto exchange in December 2022.

Both Binance and HKVAEX, however, have not responded to requests for comment. Despite being a separate entity, the report stated that the two companies are sharing resources.

While HKVAEX maintains its independence and is preparing to apply for a license, Binance clarified that it is not part of the Binance Group of companies.

In an effort to become a major crypto hub in Asia, Hong Kong launched its crypto retail trading licensing scheme in June, but Binance has not officially expressed its interest in obtaining a license.

However, according to sources, Binance has been hiring officials to assist with the application process.