Establishment and Purpose
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.
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