Changpeng Zhao, commonly known as CZ, co-founder of Binance, a global cryptocurrency exchange, announced that BNB was listed on a Hong Kong exchange with regulatory approval. This development indicates a shift in the region's cryptocurrency policies. Zhao made this statement on X on February 18.
"$BNB listed in Hong Kong," said Zhao. "HK's current regulatory framework is relatively strict on token listings. This listing means the regulators approved the BNB listing. It is a signal that HK is taking steps to open up its regulatory policies further."
According to Zhao’s post on X, Binance listed BNB on HashKey, a licensed exchange in Hong Kong, amidst the city’s stringent crypto regulations. The statement responds to Hong Kong’s 2023 virtual asset regulatory framework, which tightened listing approvals. HashKey confirmed BNB’s eligibility for trading with zero fees and a $10,000 HSK prize pool. The move highlights Binance’s strategy to enter regulated Asian markets and has sparked debate over Hong Kong’s potential as a global crypto hub.
BNB, Binance’s native token, has a market capitalization exceeding $90 billion, according to Bitcoin.com. It drives significant trading volume on platforms like HashKey, with daily volumes reaching $25 million. This listing could attract an estimated $1.5 billion in new investments to Hong Kong’s crypto sector by mid-2025, potentially boosting its adoption.
Zhao founded Binance in 2017 and served as its CEO until resigning in November 2023, according to his LinkedIn profile. Based in the United Arab Emirates, he remains a prominent figure in the crypto industry, overseeing personal investments and advising blockchain projects with a focus on global market expansion.