Hong Kong's cryptocurrency exchange, HKVAEX, has not yet initiated the process of applying for a virtual asset trading platform license from the Securities and Futures Commission (SFC), as clarified by a spokesperson. Dismissing multiple inaccurate reports suggesting the submission of an SFC license application, the representative emphasized that the exchange is currently in the preparation phase. It's crucial to distinguish HKVAEX from VAEXC, which applied for a crypto license on October 25, according to SFC records, underlining their separate identities and endeavors.
The confusion heightened following reports from the South China Morning Post (SCMP) asserting that Binance orchestrated the establishment of HKVAEX to seek a crypto license in Hong Kong. SCMP sources alleged that Binance's influence extended to HKVAEX's website, utilizing Binance servers for content retrieval. Despite these claims, HKVAEX and Binance remained unresponsive to Cointelegraph's request for comments on the perceived connections between the two platforms.
The landscape of licensed virtual asset trading platform operators, according to SFC data as of November 27, features only OSL Digital Securities and HashKey exchanges. These platforms secured licenses under Hong Kong's revamped crypto regulations, making them the inaugural exchanges to provide crypto trading services to retail customers in August 2023. The unfolding scenario with HKVAEX contributes to the ongoing evolution of crypto regulations in Hong Kong, emphasizing the scrutiny and evaluation by the Securities and Futures Commission in this dynamic regulatory environment.
