Hong Kong-based cryptocurrency exchange, HKVAEX has addressed reports erroneously suggesting its application for a virtual asset trading platform license with the Securities and Futures Commission (SFC). Contrary to speculation, the exchange is still in the preparatory stages and has not officially submitted the application.

Clearing the Confusion: HKVAEX and VAEXC Distinct Platforms

Addressing potential confusion, a spokesperson for HKVAEX emphasized the distinction between HKVAEX and VAEXC. Despite the similarities in names, these are separate crypto platforms in Hong Kong with no affiliations. VAEXC, in contrast, initiated its application for a crypto license with the SFC on October 25, as per official SFC data.

The representative emphasized that the exchange has not submitted an application for an SFC license as of yet. He clarified,

“We are currently in the preparation phase for the application. VAEXC is another applicant, and they have nothing to do with us.”

Setting the Record Straight: HKVAEX Responds to Misleading Reports

A screenshot showing VAEXC's application

The clarification follows recent reports by South China Morning Post (SCMP) asserting that Binance has ties to HKVAEX. Allegedly, Binance was identified as the driving force behind HKVAEX’s establishment, aiming to secure a crypto license in Hong Kong. Notably, HKVAEX countered these claims, stating that it is an independent entity with no connections to Binance.

Regulatory Landscape: OSL Digital Securities and HashKey Lead the Way

As of November 27, SFC data reveals that OSL Digital Securities and HashKey are the sole crypto trading platforms licensed as virtual asset trading platform operators in Hong Kong. These platforms made history in August 2023 by becoming the first to offer crypto trading services to retail customers, adhering to the new crypto regulations in the country.

HKVAEX clarifies its license application status, dissociates itself from VAEXC, and refutes claims of Binance involvement. The evolving regulatory landscape in Hong Kong positions OSL Digital Securities and HashKey at the forefront of licensed crypto trading platforms.

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