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Binance, the world’s largest cryptocurrency exchange, is behind a newly established cryptocurrency trading platform in Hong Kong that has announced its intention to apply for a licence in the city, according to sources familiar with the matter.HKVAEX, which was established in December 2022 and launched its trading platform in February, was set up by Binance to pursue a crypto licence in Hong Kong, according to three industry insiders close to the company, who spoke on the condition of anonymity because the information is private.HKVAEX was created as a separate entity in Hong Kong under the company BX Services Limited. However, the companies share resources, the people said, and the exchange’s website shows that it is using Binance servers for fetching content.