HKVAEX Discontinues HK License Pursuit

HKVAEX — allegedly linked with Binance — recently withdrew its virtual asset trading platform  application in Hong Kong, originally submitted to the Securities and Futures Commission (SFC).

The move came after the Hong Kong securities regulator imposed a deadline of February 29 for crypto exchanges and firms to apply for the license. The license application withdrawal took place on Mar. 28, 2024.

HKVAEX Withdraws License Application

HKVAEX has withdrawn its application for a virtual asset trading platform license in Hong Kong. The withdrawal, which occurred on Thursday, Mar. 28, comes amidst unclear reasons, speculated to be related to audit company changes or insufficient materials.

HKVAEX originally applied for the license on Jan. 4, aligning with Hong Kong’s Feb. 29 deadline for crypto exchange applications. Non-compliant platforms are slated to cease services by the end of May. Furthermore, three other virtual asset trading platforms including HTX withdrew their license applications in 2024, alongside HKVAEX, though the reasons remain undisclosed. 

Meanwhile, the relationship between the crypto exchange and Binance has sparked speculation, as evidenced by their website’s use of Binance servers for content retrieval and similarities in shared code. Both companies’ terms of use templates closely resemble each other, suggesting potential shared legal resources.

Despite these findings, a Binance spokesperson has denied any affiliation between the two entities, asserting that the crypto exchange is not part of the Binance Group. The discrepancy between technical evidence and official statements adds complexity to understanding the true nature of the relationship between HKVAEX and Binance, leaving observers questioning the extent of their connection.