Changpeng Zhao (CZ) rarely accepts interviews from Chinese media, and he pointed out that Hong Kong should pay more attention to trusted operators listing tokens in its cryptocurrency policy. (Background: Chinese internet giants are hunting cryptocurrency exchanges) (Supplementary background: A Chinese blockchain team revealed that they were 'fished' by the police: detained for 34 days, 6 million USD in cryptocurrency swallowed, with netizens mocking: more evidence is needed for credibility) Binance founder Changpeng Zhao (CZ) has rarely thrown an 'accelerated lever' towards Hong Kong. According to him in an exclusive interview with (South China Morning Post), Hong Kong has shown a 'very clear attitude to embrace Web3.' If regulatory actions are swift enough, it has the potential to be ranked alongside the United States and the United Arab Emirates as a global hub for crypto assets. He emphasized that assessing the future of a city should not focus on current scale but rather on the speed of change. He pointed directly to regulatory key issues. Zhao mentioned that the current retail tradable cryptocurrencies in Hong Kong are only four types, which 'are not enough': Bitcoin, Ethereum, Avalanche (AVAX), and Chainlink (LINK). CZ suggested referencing Japan's approach, allowing licensed exchanges to decide their own token listing based on their due diligence and risk control frameworks. In market language, this advocates a shift from a 'whitelist system' to 'market self-discipline + post-regulation,' with the benefits being that liquidity and innovation will flow in faster. The risk is that regulation needs to simultaneously upgrade post-audit and disclosure standards to avoid pushing retail investors towards more volatile asset pools. In the tug-of-war between regulation and industry, Zhao threw out another layer of signal: 'There’s nothing magical about U.S. and Middle Eastern policies; perhaps tomorrow there will be a meeting in Hong Kong where officials say some things need to change.' This statement serves as a reminder of the policy window period; if Chinese authorities are willing to quicken the pace, funds and entrepreneurs will follow. If lagging behind, traffic and pricing power will be taken away by other markets. For Hong Kong, this is not just a technical issue of whether the list can be relaxed but whether it is willing to make 'speed' a part of institutional design. Currently, Binance has yet to apply for a license to operate a cryptocurrency trading platform in Hong Kong. There are currently 11 licensed virtual asset trading platforms operating in Hong Kong. This also reveals a reality: leading operators are observing, usually not just looking at the license framework itself but also the overall business feasibility, including listing flexibility, compliance costs, banking deposit and withdrawal coordination, and retail market accessibility. Once policies loosen (or clarify) on key parameters, the probability of large exchanges entering will increase; otherwise, the strategy may remain 'close but not entering.' It is worth noting that Zhao, speaking as an individual and with market influence, has an amplifying effect on policy discussions. From the evolution experiences of past crypto centers, regulation and the market seem like two parallel tracks; whoever provides a predictable and scalable route first will lock in the next wave of market liquidity and innovation in that location.

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