From June 1, 2023, the licensing system for virtual asset trading platforms in Hong Kong came into effect, and the one-year transition period for non-licensed stock platforms also expired on May 31, 2024. However, Caixin reporters found on June 26 that non-licensed platforms registered with Hong Kong ID cards can still trade with existing funds. Virtual asset trading platform Binance has never submitted an application for a virtual asset trading platform license (VASP license) to the Hong Kong Securities Supervision Commission, which is a non-compliance platform in Hong Kong. When the reporter tried to log in to the Binance account registered with the Hong Kong ID card before the licensing system took effect, he found that although the pop-up page prompted "The products and services on this APP are not suitable for Hong Kong residents", the account login was not actually blocked.