Binance, one of the world’s largest cryptocurrency exchanges, is surprisingly associated with HKVAEX, a crypto exchange that recently launched in Hong Kong. Although both organizations deny a direct connection, there are striking similarities and shared resources that have caught the attention of crypto enthusiasts and industry observers. Here are the details…
Is Binance behind the Hong Kong-based exchange?
According to a report by South China Morning Post, HKVAEX was established as an independent entity under BX Services Limited in Hong Kong. Although there is no public statement regarding their connection, inside sources reveal that Binance and HKVAEX have more ties than meets the eye. Notably, their logos are similar, and Binance’s official accounts, including CEO Changpeng Zhao, are among HKVAEX’s few followers on social media platform X.
HKVAEX’s current leader, Stanley Fung, previously served as chief of Huobi’s Hong Kong operations until November 2022. His departure coincided with crypto entrepreneur Justin Sun entering the helm of Huobi. This further fuels speculation about the intertwined nature of crypto-related businesses in the region. Binance’s services are not currently available in Hong Kong. However, the establishment of an autonomous entity within the city raises questions about the strategic foothold it can provide in this dynamic market.
There is regulatory activity in Hong Kong
This development comes on the heels of new licensing schemes introduced by Hong Kong regulators earlier this year, leading to growing enthusiasm among cryptoasset entities to operate in the territory. Sei Labs Asia President Alvin Kan believes that Asia is on the cusp of becoming a major expansion region for the Web3 industry as regulatory developments in the US increase opportunities outside the country.
While Binance, which was launched in Shanghai in 2017, has been relatively tight-lipped about its plans to seek a license in Hong Kong, the South China Morning Post reported that HKVAEX is actively preparing to apply for a cryptocurrency license in the region. In an official statement made in a Telegram group run by the company, HKVAEX emphasizes that it operates as an “independent crypto exchange” in Hong Kong, unlike Binance, but acknowledges that it provides liquidity from the industry giant. This declaration of independence contrasts with evidence of cooperation between the two companies in Hong Kong this year, including a promotional campaign in which Binance was cited as a “partner” to promote the opening of an HKVAEX account.
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