COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Binance Faces Uncertainty in Obtaining Crypto License in Hong Kong
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Binance > Binance Faces Uncertainty in Obtaining Crypto License in Hong Kong
Binance

Binance Faces Uncertainty in Obtaining Crypto License in Hong Kong

In Brief

  • Following Binance founder Changpeng Zhao’s admission of guilt to US anti-money laundering laws, the world’s leading crypto exchange is now facing a state of uncertainty in obtaining a crypto license in Hong Kong. The recent criminal complaint appears to complicate the process of obtaining a license in the country. On the other hand, the exchange […]
COINTURK NEWS
COINTURK NEWS 1 year ago
Share
SHARE

Following Binance founder Changpeng Zhao’s admission of guilt to US anti-money laundering laws, the world’s leading crypto exchange is now facing a state of uncertainty in obtaining a crypto license in Hong Kong. The recent criminal complaint appears to complicate the process of obtaining a license in the country. On the other hand, the exchange is facing yet another regulatory pressure.

Contents
SFC Director Questions Approval of Binance’s License Amid Regulatory TensionsOvercoming the Challenges

SFC Director Questions Approval of Binance’s License Amid Regulatory Tensions

The crypto space has been closely monitoring this negative development for about three days now, as Elizabeth Wong, the Licensing Director and Fintech Division Head at the Securities and Futures Commission (SFC), raised critical questions about the potential approval of Binance’s license.

This situation means further deepening of regulatory challenges. It also implies an increase in uncertainties surrounding Binance’s position in Hong Kong. According to industry experts, the leading crypto exchange may face obstacles in obtaining a legitimate status to operate in Hong Kong.

Binance’s legal troubles with US authorities, including being found guilty of money laundering and sanctions violations, pose a significant challenge for its ambitions in the Hong Kong market. Although its local subsidiary HKVAEX is reportedly preparing to apply for a crypto license, the strict requirements emphasizing compliance with anti-money laundering laws by the Securities and Futures Commission, coupled with shared resources and extensive connections with Binance, can make things more difficult.

Overcoming the Challenges

Responding to claims that HKVAEX was established by Binance to facilitate license acquisition in Hong Kong, the company stated that it is an “independent” digital asset exchange. Additionally, Binance clarified that HKVAEX is not part of the “Group of Companies.”

The intricacies of this relationship will likely play a significant role in determining Binance’s fate in Hong Kong’s crypto regulatory environment. Therefore, the newly appointed CEO Richard Teng will face a challenging task. He will need to prevent further erosion of trust and make efforts to address the negative perception within official institutions.

In the coming days, the challenges that Binance will face will become clearer. The steps taken by the new CEO will be closely monitored. There is a difficult process ahead to erase the negative incidents from Binance’s past.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Binance Supports New AirDrop Initiative!

Binance Schedules Major Maintenance to Ensure Uninterrupted Crypto Experience

Binance Reveals Crucial Reserve Data Impacting Crypto Confidence

Binance Halts Ethereum and Altcoin Transactions for Crucial Network Update

Changpeng Zhao Predicts Bitcoin Price Surge in Upcoming Cycle

COINTURK NEWS 24 November, 2023 - 11:08 am 24 November, 2023 - 11:08 am
Share This Article
Facebook Twitter
Share
Previous Article Cryptocurrency Scammers Target Paradigm Co-Founder Matt Huang
Next Article The Potential Impact of Spot Bitcoin ETFs on the Market
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

U.S. Markets Fuel Surge in Cryptocurrency Values
Cryptocurrency News
BlackRock Drives Bitcoin and Ethereum Surge: An Unmatched Force in Cryptocurrency
Ethereum (ETH)
Trump Invites Key Figures to the 2025 Bitcoin Conference
Bitcoin (BTC)
US Makes Bold Moves in Tariff Negotiations Sparking Crypto Market Surge
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?