CZ Urges Hong Kong to Expand Crypto Services to Compete US and the UAE

Highlights:

• CZ wants Hong Kong to grow crypto services and compete with top global markets.
• The city aims to be a trusted hub for Bitcoin liquidity and blockchain growth.
• Hong Kong plans new regulations to support digital assets and stay competitive internationally.

Binance founder Changpeng Zhao “CZ” is urging Hong Kong regulators to broaden the city’s cryptocurrency services to better compete with global financial hubs such as the United States and the United Arab Emirates. CZ emphasized that Hong Kong has the potential to emerge as a leading center for digital assets, but this can only happen if authorities act swiftly to expand the range and accessibility of crypto offerings in the region.

In a recent statement, Changpeng Zhao expressed strong confidence in Hong Kong’s cryptocurrency prospects. He highlighted the city’s clear strategy toward embracing Web3 technologies and praised government officials for their prompt and decisive actions supporting the digital asset ecosystem.

Exclusive | Hong Kong can rival US, UAE as a crypto hub, Binance founder CZ says https://t.co/kGtcWhrQ60

— South China Morning Post (@SCMPNews) August 29, 2025

Hong Kong’s Limited Crypto Offerings Do Not Diminish Its Long-Term Potential, Says CZ

Currently, Hong Kong’s crypto offerings are restricted, with licensed exchanges supporting only Bitcoin, Ether, Avalanche, and Chainlink. Nevertheless, Changpeng Zhao stays optimistic about the city’s potential, citing supportive conditions and proactive government efforts. He stressed that present limitations should not define the region’s long-term prospects. He noted, “We shouldn’t evaluate a place’s future potential based on its current status. We should assess it based on the speed of change.”

He further suggested that Hong Kong’s crypto services need expansion to rival leading markets like the US and UAE. He encouraged regulators to approve more licensed exchanges and broaden the range of digital assets offered on these platforms. Zhao suggested that there’s nothing particularly special about what the US, UAE, or other countries are doing. He also hinted that Hong Kong officials might soon meet to consider implementing changes.

Changpeng Zhao stepped down as Binance CEO two years ago but still holds strong influence in crypto. He mentors entrepreneurs and supports BNB Chain development. Although Hong Kong licensed eleven crypto platforms, Binance has not applied to operate there, showing the local market still needs growth.

Hong Kong Positions Itself as a Leading Crypto and Bitcoin Liquidity Hub

Hong Kong has distinguished itself as a crypto-friendly jurisdiction, in contrast to the mainland’s stricter regulations on digital currencies. The city has implemented several key measures to encourage blockchain innovation and the growth of digital assets locally. During the Bitcoin Asia 2025 conference, SFC policy manager Clarence Shen highlighted Hong Kong’s crypto ambitions. He emphasized the city aims to become a trusted hub for Bitcoin liquidity, reflecting the government’s long-term vision for the sector.

Hong Kong will bring new crypto rules by the end of the year. These rules will build on the first policy announced in October 2022, which was made to help the industry grow. The new framework will also focus on investor protection and making the market safer. As many countries are moving quickly with their own regulations, Hong Kong wants to stay competitive and keep its strong place in the global crypto industry.