Binance, the world's largest cryptocurrency exchange, has reportedly established a crypto trading platform in Hong Kong in a bid to obtain a local crypto license.
Binance Launches Crypto Trading Platform in Hong Kong, Requires Local License
This development was first reported by the South China Morning Post, based on information received from three reliable sources with knowledge of the situation.
According to the local newspaper, the exchange named HKVAEX was established under the umbrella of Binance and has shown great interest in obtaining a license to operate within Hong Kong jurisdiction.
As of now, neither Binance nor HKVAEX has responded to requests for comment.
Although HKVAEX was established as an independent organization, the report highlights that both companies share certain resources, pointing to a collaborative effort between the two.
In an official statement, HKVAEX told the local media outlet that it functions as an autonomous platform with its own dedicated team.
He also stated that he is currently in the process of preparing a license application to operate as a cryptocurrency trading platform.
*This is not investment advice.