Binance is Reportedly Setting Up a New Exchange in Hong Kong

Binance, a big name in crypto, is said to be setting up an exchange in Hong Kong to get a local crypto permit, says the South China Morning Post.

The report says Binance setup HKVAEX in December 2022 and wants to get a Hong Kong license. Even though HKVAEX is seen as separate, the report claims that they share some resources. HKVAEX shared that it's run by its own independent team and wants to get a license for crypto trading and Binance stated that HKVAEX isn't part of Binance group of Companies.

Hong Kongrecently started its own crypto trading licensing system, hoping to become a top spot for crypto in Asia. Reports suggest Binance is hiring the right people to help get this license in the city.

Binance often claims that it tries to follow local rules wherever it works, even though it has faced some legal challenges, especially in the U.S. The company has also seen some of its top people leave recently. In Taiwan, Binance is looking to register for rules that prevent illegal money activities.