PANews reported on October 25 that according to the South China Morning Post, people familiar with the matter revealed that Hong Kong's virtual asset rating agency HKVAEX plans to apply for a license in Hong Kong, and HKVAEX was established by Binance to obtain a crypto business license in Hong Kong; the HKVAEX website shows that it is using Binance servers to obtain content, and the two companies' shared codes have similarities, and the terms of use also have almost the same template, which indicates that the two companies may also share legal resources.

In response to questions about its relationship with Binance in an email, HKVAEX stated: “HKVAEX is an independent virtual asset trading platform headquartered in Hong Kong. It is operated by a technical team and experienced professionals from the financial services industry and is currently preparing to apply for a virtual asset trading platform license from the Hong Kong Securities Regulatory Commission.” A Binance spokesperson also responded that HKVAEX is not a subsidiary of the Binance Group.