Binance appears to be the driving force behind a recently launched crypto exchange in Hong Kong.

South China Morning Post reported on Wednesday that the exchange HKVAEX was established in Hong Kong as an independent entity under BX Services Limited.

Despite not having similar names or a publicly acknowledged connection, they share resources, the report said, citing sources.

Notably, Binance and HKVAEX’s logos bear resemblance, and Binance’s official accounts, along with CEO Changpeng Zhao, are among HKVAEX’s few followers on social media platform X.

Stanley Fung, now at the helm of HKVAEX, served as the chief of Huobi’s Hong Kong operations until Nov. 2022, according to…

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