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Binance Backs Startup Cryptocurrency Exchange Applying for License In Hong Kong

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Reports from sources close to the matter revealed that HKVAEX, a crypto exchange based in Hong Kong, is sponsored by Binance to apply for a license in the city.

This newly established cryptocurrency exchange, HKVAEX, was launched in December 2022, and it operates out of Hong Kong and now proposes to pursue a cryptocurrency license.

However, the general belief is that this newly established firm is sponsored by the world’s largest crypto exchange by trading volume, Binance.

READ ALSO:30-Year-Old Miami Resident Convicted for Crypto Fraud

Although Binance and HKVAEX operate as Binance, they still set up two different entities. The new crypto also shares resources and servers with the crypto behemoth.

Quick Takes

  • According to an article from a reliable source, the intention and purpose for establishing HKVAEX is to obtain a cryptocurrency license in Hong Kong.
  • Moreover, establishing a separate crypto exchange in Hong Kong can aid the cryptocurrency giant in leveraging the market while it is still battling legal issues overseas.
  • However, both HKVAEX and Binance have declared that they are independent bodies from each other. According to the response of HKVAEX to an email that asked the exchange for clarity, “the Hong Kong crypto exchange is a separate virtual asset exchange platform”.
  • Furthermore, the Hong Kong crypto exchange is handled by a team of experts from the financial services industry who are seasoned in technology.
  • Moreover, these seasoned professionals intend to secure a license from the Hong Kong Securities and Futures Commission’s virtual asset trading platform.

What’s Happening In Crypto Today?

At this time, Bitcoin is changing hands at $34,202.45 while seeing a slight drop in market cap by 0.83% and a drop in trading volume by 36.40%.

On the other hand, Ethereum is selling at $1,781.97 while recording a little drop of 2.61% in market cap and a 31.73% drop in trading volume.

  • On the side of Solana, its current price is at $32.02, with a slight increase in market cap by 1.17% and a decrease in trading volume by 7.17%.
  • Whereas Cardano right now is trading at $0.2807 while recording a slight decrease in market cap of 1.26% and a decrease in trading volume of 19.41%.
  • Meanwhile, Dogecoin is currently selling at $0.06582, with a decline in market cap by 2.42% and a drop in trading volume by 33.67%.
  • On the other hand, TRON is trading at $0.09327 while recording a decrease in market cap by 0.15% and a decline in trading volume by 20.10%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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