CDS Crypto News Binance Hong Kong License in Jeopardy After CZ’s Announcements
Crypto News

Binance Hong Kong License in Jeopardy After CZ’s Announcements

After CZ's guilty plea in the US, the Binance Hong Kong license is in doubt, and SFC's caution adds to the regulatory issues.

268
Binance Hong Kong License in Jeopardy After CZ's Announcements

Crypto News – The world’s largest cryptocurrency exchange, Binance, may not be able to obtain a crypto license in Hong Kong due to growing regulatory obstacles.

Binance Hong Kong License in Jeopardy After CZ’s Announcements

The founder of Binance, Changpeng Zhao, recently entered a guilty plea to US anti-money-laundering legislation, which has clouded the exchange’s efforts to obtain a license there. Elizabeth Wong, Director of Licensing and Head of the Fintech Unit at Hong Kong’s Securities and Futures Commission (SFC), poses important queries regarding Binance’s possible license acceptance while the industry observes this unfolding tale.

Wong talked about the impending issue of Binance’s licensing in Hong Kong in a recent podcast held by Web3 Harbour. Wong indicated a lack of knowledge regarding Binance’s market entry strategy and structure when questioned about the potential in light of Binance’s guilty plea in the US.

Binance Says HKVAEX Is Not Part of Its Group of Companies

Shared resources and strong ties to Binance may complicate issues, even though its supposedly local partner, HKVAEX is getting ready to apply for a cryptocurrency license. SEC’s strict guidelines are cited by experts, who also stress that applicants must show that they are in conformity with anti-money laundering legislation.

In response to allegations made last month that Binance established HKVAEX in order to obtain a license in Hong Kong, HKVAEX asserted that it operates as an independent digital asset exchange. Binance further stated that HKVAEX is not a part of its group of companies.

Binance Hong Kong License in Jeopardy After CZ's Announcements
Sources:coingape
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

USDG Stablecoin: Paxos Teams Up with Robinhood, Kraken, and Galaxy Digital

Paxos has launched the USDG stablecoin, backed by major financial firms like...

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...