With the official end of the licensing transition period for Hong Kong Virtual Asset Trading Platform (VATP), global attention has once again focused on the cryptocurrency sector in this financial center. Despite increasingly stringent regulatory policies, some internationally renowned virtual asset trading platforms such as Binance and OKX still choose to remain active in the Hong Kong market, a trend that has attracted widespread attention in the industry.
1. Binance continues to operate and maintain market access amid regulatory challenges
After the licensing transition period, Binance, one of the world's largest cryptocurrency trading platforms, still maintains its services in Hong Kong. It was found that a new account can be successfully registered on the Binance platform using a local IP address and a Hong Kong ID card, which shows Binance's emphasis on the Hong Kong market and its ability to respond to regulatory challenges. Despite the uncertainty of regulation, Binance still chooses to maintain its services in the Hong Kong market, which is both a grasp of market opportunities and confidence in its own compliance capabilities.
2. OKX cleverly avoids risks and maintains access to the Hong Kong market
Unlike Binance, the OKX platform prohibits users from choosing Hong Kong as their address in its services, but allows users to choose mainland China as their address for registration, and supports mainland ID card verification. At the same time, users can also complete the registration process using a Hong Kong IP address. This strategy shows that OKX is trying to avoid the regulatory risks of providing services directly in Hong Kong, but still maintains a certain degree of access to the Hong Kong market. OKX's flexible strategy demonstrates its keen insight and adaptability to market changes.
3. Bybit’s license application was withdrawn, but the service still exists
It is worth noting that Bybit's application for a Hong Kong virtual asset trading platform license was withdrawn on May 31. However, according to reports, Bybit and other platforms still provide services in Hong Kong through some means, which may include using pop-up statements or other means to "show off". This phenomenon has triggered widespread discussion in the industry and also reflects the complexity of the cryptocurrency market and the difficulty of regulation.
IV. Game between regulation and the market
The end of the transition period for licensing virtual asset trading platforms in Hong Kong marks a further tightening of regulatory policies. However, under strict regulatory policies, some internationally renowned virtual asset trading platforms still choose to remain active in the Hong Kong market. This is not only a grasp of market opportunities, but also an adaptation and response to regulatory policies. In this process, the game between supervision and the market will continue, and how to find a balance between compliance and continued operation will be an important challenge for these platforms.
5. Investors need to pay attention to the platform operation and regulatory status
For investors, understanding the operation and regulatory status of these platforms, as well as how they respond to regulatory challenges, is an important consideration in making investment decisions. Investors need to pay close attention to market dynamics and changes in regulatory policies in order to seize market opportunities and avoid risks in a timely manner. At the same time, investors also need to maintain a rational investment mentality and avoid blindly following trends and excessive speculation.