HKVAEX, a Hong Kong-based cryptocurrency trade mentioned to be related to Binance, withdrew its license utility from the Hong Kong Securities and Futures Fee (SFC) on March twenty eighth.
HKVAEX introduced its intention to use for a license in October final 12 months, however clarified that it operates as a separate entity from Binance underneath Hong Kong-based BX Companies Restricted.
Nevertheless, there are shared assets between the businesses, resembling using Binance servers for content material acquisition, as indicated on the trade’s web site.
In accordance with the Securities and Futures Fee (SFC) Website, HKVAEX withdrew its license utility almost three months after it was submitted. The transfer requires HKVAEX to stop operations in Hong Kong by Might thirty first.
Lately, Hong Kong has redoubled its efforts to determine itself as a Web3 hub, as a part of which it launched an up to date regulatory framework for cryptocurrencies in June 2023.
The revised guidelines enable retail buyers to take part in digital asset buying and selling and take away the earlier requirement that merchants maintain at the very least $1 million in financial institution belongings.
The SFC has requested all crypto trade platforms desiring to function inside the city-state to submit functions by February twenty ninth.
HKVAEX shouldn’t be the one firm to withdraw. In 2024, three different digital asset buying and selling platforms, together with the well-known international trade HTX (previously generally known as Huobi), additionally withdrew their working license functions.
In the meantime, OSL and HashKey are the one two platforms that presently have license approval from the SFC.
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