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Crypto exchange HKVAEX linked to the world’s largest crypto exchange Binance has withdrawn its virtual asset trading platform license application from Hong Kong Securities and Futures Commission (SFC). The Hong Kong securities regulator asked crypto exchanges and firms to apply for the license before the deadline of February 29.
<h2 id="binance-linked-hkvaex-withdraws-license-application-in-hong-kong">Binance-Linked HKVAEX Withdraws License Application in Hong Kong</h2>
The crypto exchange HKVAEX which goes by its company name BX Services Ltd has withdrawn virtual asset trading platform license application. BX Services Ltd now appears under the list of companies whose license applications have been returned, refused, or withdrawn on Hong Kong’s <a rel="noopener noreferrer nofollow" href="https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms" target="_blank">SFC</a> website.
The license application was withdrawn on Thursday, March 28 and the reasons behind the withdrawal are unclear. Some believe it may be due to a request to change the audit company, insufficient materials, or others. HKVAEX applied for the license on January 4.
<img decoding="async" class="aligncenter wp-image-188602" src="https://coingape.com/wp-content/uploads/2024/03/screenshot-www.sfc_.hk-2024.03.29-14_03_24.png" alt="Binance HKVAEX" width="788" height="402" srcset="https://coingape.com/wp-content/uploads/2024/03/screenshot-www.sfc_.hk-2024.03.29-14_03_24.png 1368w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.sfc_.hk-2024.03.29-14_03_24-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.sfc_.hk-2024.03.29-14_03_24-1224x624.png 1224w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.sfc_.hk-2024.03.29-14_03_24-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.sfc_.hk-2024.03.29-14_03_24-150x76.png 150w" sizes="(max-width: 788px) 100vw, 788px">
<a href="https://coingape.com/hong-kongs-may-deadline-solidifies-crypto-leadership-in-asia-alongside-singapore/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a> sets a Feb. 29 deadline for crypto exchange applications. Subsequently, the non-compliant platforms will have to cease services by the end of May, as per the announcement. Hong Kong’s transition towards becoming a crypto hub underscores its ambition to stay at the forefront of innovation, despite uncertainties about its future.
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<h2 id="binance-relations-to-hkvaex">Binance Relations to HKVAEX</h2>
South China Morning Post reported that <a href="https://coingape.com/binance-set-up-hkvaex-to-gain-crypto-license-hong-kong/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> is behind the establishment of HKVAEX, citing anonymous industry insiders. The report suggests that Binance set up HKVAEX, which commenced operations in February 2023, to proceed with the licensing process in Hong Kong.
Despite these claims, HKVAEX has maintained its stance as an independent entity. HKVAEX in an email denied its link with Binance, saying the company is an independent virtual asset exchange in Hong Kong.
SFC Licensing Head <a href="https://coingape.com/hong-kong-sfc-wary-binance-license-amid-regulatory-pressures/" target="_blank" rel="noopener noreferrer nofollow">Elizabeth Wong</a> raised crucial questions about Binance’s potential license approval after the recent guilty plea by Binance founder Changpeng Zhao to US anti-money-laundering laws. The regulator seemed wary of the exchange’s plans to secure a license in the country.
Also Read: <a title="Permanent Link to Vitalik Buterin Praises Worldcoin, WLD Price Reversal to $10 Ahead?" href="https://coingape.com/vitalik-buterin-praises-worldcoin-wld-price-reversal-to-10-ahead/" target="_blank" rel="noopener noreferrer nofollow">Vitalik Buterin Praises Worldcoin, WLD Price Reversal to $10 Ahead?</a>
The post <a href="https://coingape.com/binance-hkvaex-crypto-exchange-withdraws-license-in-hong-kong/" rel="noopener noreferrer nofollow">Breaking: Binance’s HKVAEX Crypto Exchange Withdraws License in Hong Kong</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Breaking: Binance’s HKVAEX Crypto Exchange Withdraws License in Hong Kong

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