Binance reportedly eyeing foot in Hong Kong through shared resources with HKVAEX

Binance, the largest cryptocurrency speech by trading volume, is reportedly backing HKVAEX, a Hong Kong-based cryptocurrency trading platform, to unafraid a section crypto licence successful the region, the South China Morning Post (SCMP) reported connected Oct. 25.

HKVAEX was established successful Dec. 2022 arsenic a abstracted entity but reportedly shared resources with Binance.

HKVAEX informed SCMP that it is an autarkic level with a dedicated squad that manages it. The level is presently successful the process of seeking a licence to run arsenic a cryptocurrency trading platform.

On the different hand, a Binance spokesperson stated that HKVAEX had nary affiliation with the Binance Group of companies.

Binance and HKVAEX person yet to reply to CryptoSlate’s petition for remark arsenic of property time.

In caller months, galore cryptocurrency exchanges, including OKX, person shown involvement successful expanding to Hong Kong pursuing the instauration of caller regulations permitting licenses for retail trading. Despite this trend, Binance has not disclosed its intentions regarding acquiring specified a licence successful the region.

Binance regulatory struggles

Binance continues to look heightened regulatory scrutiny implicit its operations crossed respective jurisdictions globally.

In the U.S., the Changpeng Zhao-led steadfast faces ineligible charges from the Securities and Exchange Commission (SEC) and  Commodity Futures Trading Commission (CFTC) implicit its violations of national laws. Additionally, the Department of Justice (DOJ) is reportedly weighing charges against the exchange.

Across the Atlantic, the cryptocurrency trading institution has withdrawn from assorted European markets, specified arsenic the Netherlands and Cyprus, owed to challenges successful obtaining section licenses.

In summation to these regulatory concerns, Binance has precocious experienced a bid of departures from its elder enactment team.

Despite these issues, the speech has maintained that it strives to stay compliant with section laws wherever it operates.

The station Binance reportedly eyeing ft successful Hong Kong done shared resources with HKVAEX appeared archetypal connected CryptoSlate.