Hong Kong's Premier Cryptocurrency Exchange Prohibits Trading for Russian Nationals.

Journalist Colin Wu reports that the cryptocurrency exchange will be restricting its services to users from 34 countries, including Russia, Iran, Eritrea, and North Korea, all of which are listed under local regulators’ sanctions.

However, citizens of the United States, Japan, and China residing in countries where digital asset transactions are not restricted will continue to have unrestricted access to the exchange. To avail of this, such users will need to verify their location address and local phone number.

Wu also revealed that JPMorgan Chase Asia will serve as Hashkey’s banking partner for fiat currency deposits and withdrawals. Additionally, the exchange has plans to collaborate with ZA BANK in the future.

Recently, HashKey Exchange received updated Type 1 and Type 7 licenses from the Hong Kong regulator, making it the first licensed trading platform in the region to offer retail services.

As of June 1, Hong Kong has implemented a new licensing regime for Virtual Asset Service Providers (VASP), enabling local users to engage in cryptocurrency trading.

Notably, Hong Kong’s largest bank, HSBC, has also agreed to allow its customers to buy and sell units of exchange-traded funds for Bitcoin and Ether, which are traded on the local exchange.