Binance founder Changpeng "CZ" Zhao has publicly called for Hong Kong to significantly broaden its approved cryptocurrency listings, arguing that the current restriction to just four assets—Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), and Chainlink (LINK)—is insufficient to establish the city as a leading global crypto hub. In an interview with the South China Morning Post, CZ emphasized that Hong Kong's stringent requirements, which mandate tokens to be listed on at least two major indexes (including one traditional finance-based index), have stifled innovation and market growth.
CZ proposed that Hong Kong adopt a more flexible regulatory approach similar to Japan's model, where licensed exchanges can list a wider range of tokens without requiring inclusion in major financial indexes. He warned that the current limitations could deter investors and entrepreneurs from choosing Hong Kong, thereby hindering its ability to compete with crypto-friendly jurisdictions like the U.S., UAE, and Japan.
Despite these criticisms, CZ acknowledged Hong Kong's proactive stance in supporting Web3 and noted that the government is expected to release a more robust digital asset policy by the end of 2021. Complementary reforms are already underway, including stricter custody requirements for virtual asset trading platforms, stablecoin licensing regimes, and consultations on OTC and custodian structures.