Hong Kong Securities Regulatory Commission official: We don’t understand Binance’s method and structure of entering the Hong Kong market, and we are unable to determine whether Binance can obtain a license in Hong Kong.

Elizabeth Wong, Director of the Licensing Division and Financial Technology Group of the Intermediary Department of the Hong Kong Securities Regulatory Commission, was asked on the Web3 Harbor podcast whether it was possible for Binance to obtain a license in Hong Kong after pleading guilty in the United States. Elizabeth Wong said that without understanding Binance Given the way the market was entered and its structure, she could not determine the answer to that question. Elizabeth Wong was also asked whether Binance would seek a Hong Kong license under the leadership of new CEO Richard Teng. She said that they are currently not on the list of applications for virtual asset trading platforms. (South China Morning Post) According to previous news in October, people familiar with the matter revealed that Hong Kong cryptocurrency trading platform HKVAEX plans to apply for a license in Hong Kong. People familiar with the matter said that HKVAEX was established by Binance to obtain a crypto business license in Hong Kong. The website of the HKVAEX trading platform shows that it is using Binance servers to obtain content. There are similarities in the shared code between the two companies, and the terms of use are almost the same. The same template, suggesting that the two companies may also share legal resources. In an email response to questions about its relationship with Binance, HKVAEX said, “HKVAEX is an independent virtual asset trading platform headquartered in Hong Kong, operated by a technical team and experienced professionals from the financial services industry. We are preparing to apply for a virtual asset trading platform license from the China Securities Regulatory Commission." In response, a Binance spokesperson stated that HKVAEX is not a company under the Binance Group.