Bitcoin Exchange Binance Established Crypto Derivatives Exchange in Hong Kong!

  • According to sources familiar with the matter, Binance, the world’s largest crypto exchange, has established crypto derivatives trading platform HKVAEX, which is seeking to obtain a virtual asset trading license in Hong Kong.
  • According to sources from three industry insiders close to HKVAEX, it was stated that the company was founded by Binance in December 2022 with the aim of obtaining a crypto license in Hong Kong.
  • In March, Binance Academy, BNB Chain and HKVAEX collaborated on a crypto workshop with the University of Hong Kong Blockchain Lab.

Binance, the world’s largest crypto exchange, is launching a derivatives exchange to obtain a license in Hong Kong, according to sources familiar with the matter.

Binance Launches Derivatives Exchange in Hong Kong

According to sources familiar with the matter, Binance, the world’s largest cryptocurrency exchange, has established the crypto derivatives trading platform HKVAEX with the aim of obtaining a virtual asset trading license in Hong Kong.

HKVAEX, the cryptocurrency derivatives exchange, was reported to be established by Binance. According to sources close to HKVAEX, the company was created by Binance in December 2022 with the purpose of obtaining a crypto license in Hong Kong.

While HKVAEX operates as a separate company under BX Services Limited, it shares resources and Binance servers for content. Both companies have similar main websites, use shared code, and utilize Binance’s content distribution domain, bnbstatic.com. Their terms of use are also identical, suggesting they may share legal resources.

Furthermore, both Binance and HKVAEX have made appearances at various events in Hong Kong this year. In March, Binance Academy, BNB Chain, and HKVAEX collaborated on a crypto workshop with the University of Hong Kong’s Blockchain Lab. In April, HKVAEX referred to Binance as a partner for opening accounts.

Responses from Cryptocurrency Exchanges

HKVAEX denied the claim through an email, stating that it is not connected to Binance and that it is an independent virtual asset exchange. They said, “It is operated by an experienced team from the technology and financial services sector, and it is currently preparing an application for a virtual asset trading platform license from the Securities and Futures Commission.”

A representative from Binance also refuted the claim, stating that HKVAEX is not related to the largest exchange and that the “Binance group” focuses on the online crypto asset exchange, which is distinct from “Binance Affiliates.” However, as an independent exchange, HKVAEX may become a significant asset for Binance in addressing increased regulatory scrutiny and liquidity issues in Hong Kong.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Top Performers in Earnings Surge: Spotlight on Bitcoin (BTC) and Ethereum (ETH)

```html The Magnificent Seven stocks —...

Investor Seizes Market Dip, Purchases $500K in Altcoin (ALT) Amid Price Drop

An altcoin investor sees a price drop as...

Bitgert (BRISE) Coin Predicted to Surge: Experts Forecast a 400% Price Increase This Week!

Bitgert is fast becoming a household name in...

Upcoming Altcoin Listings on Binance: Explore the New Strategy Featuring Key Coins and Symbols!

Binance considers listing lesser-known cryptocurrencies that have captured...

Expert Forecasts Surge in Crypto Bull Market: Spotlight on Bitcoin (BTC) and Ethereum (ETH)

An analyst has suggested that despite a stagnation...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Whale Sells After Long Hold, Cashes Out $171 Million – ETH Market Impact Analysis

A significant Ethereum whale has initiated profit-taking, signaling...

Live Update: Bank Nifty (BANKNIFTY) Share Prices for May 20, 2024 – In-Depth Analysis and Market Trends

```html Today, the Bank Nifty witnessed significant trading activity,...

Bitcoin (BTC) Market Turmoil: Expert Analysis Uncovers Dramatic Sentiment Shifts

Bitcoin's recent market performance has been nothing short of...
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Top Performers in Earnings Surge: Spotlight on Bitcoin (BTC) and Ethereum (ETH)

```html The Magnificent Seven stocks — Amazon, Apple, Google, Meta Platforms, Microsoft, Nvidia, and Tesla — have been pivotal in shaping...

Investor Seizes Market Dip, Purchases $500K in Altcoin (ALT) Amid Price Drop

An altcoin investor sees a price drop as an opportunity and makes a half-million-dollar purchase. According to Lookonchain data, a trader spent 3,059...

Bitgert (BRISE) Coin Predicted to Surge: Experts Forecast a 400% Price Increase This Week!

Bitgert is fast becoming a household name in the cryptocurrency industry for several reasons. It has changed the structure of the meme coin...