Cryptocurrency exchange HTX has added Russia to its restricted jurisdictions list, limiting access to trading and other services for Russian users. The move follows similar restrictions by Bitget and MEXC, which announced plans to discontinue services in Russia during October.
HTX Adds Russia to Restricted Jurisdictions List
The restrictions apply to users located in or accessing the platform from Russia, as outlined in HTX’s updated User Agreement. The same applies to companies that are registered or carry out the bulk of their business in Russia.
The exchange reserves the right to restrict access to its products, limit the possibility of withdrawal, and close the accounts of restricted users. HTX has yet to announce when the Russian restrictions have come into force or if affected accounts are being suspended.
Russia is one of several countries already on the list of jurisdictions HTX has restricted access to, including the United States, the United Kingdom, the European Union and Singapore. The list contains Hong Kong, Iran and Syria, though some countries have additional requirements regarding derivative trading.
HTX notes that as regulations and the company’s services evolve in various regions, the list of restricted jurisdictions may be adjusted. This agreement states that these changes may be made without notifying individual users, and users are responsible for reading the new terms for the platform.
Bitget and MEXC Announce Russian Market Exits
Similar restrictions on Russian traders in cryptocurrencies were imposed by Bitget and MEXC in October. Bitget also announced that it has added Russia, Belarus, and Kazakhstan to its list of banned jurisdictions and advised users to withdraw their assets by October 21.
On the other hand, MEXC announced that it will exit from Russia and Belarus from October 20 due to regulatory compliance. If customers are impacted, they will be notified, and, if not, “customers will be allowed to continue using services on the same terms as before,” the exchange said.
The restrictions were added by both exchanges as international exchanges have been receiving increasing compliance mandates from various jurisdictions. Moreover, there have been previous regulatory actions against HTX, which the European Union included in its Russia-related sanctions in July. The restrictions targeted cryptocurrency platforms suspected of facilitating transactions linked to sanctions evasion.
Russia Tightens Crypto Rules as Exchanges Restrict Access
Russia’s cryptocurrency market has undergone regulatory changes following the introduction of new digital asset legislation on September 1. It has introduced licensing requirements for cryptocurrency trading services and laid down rules for exchanges that operate in the country.
The developments come after the Central Bank of Russia approved Sberbank for cryptocurrency exchange activities. The bank got approved under the nation’s digital asset regulations as authorities increase regulatory scrutiny of licensed trading platforms.
International exchanges have imposed their own restrictions, which have been accompanied by regulatory and sanctions concerns. Other platforms may follow, but there is no indication of organized pullbacks, said Bestchange.ru analyst Nikita Zuborev.
