ZhongAn Bank Becomes the First Asian Bank to Offer Retail Cryptocurrency Trading

Hong Kong digital bank ZhongAn Bank announced on November 25 2023 that it is officially the first bank in Asia to provide cryptocurrency trading services to retail customers. The move significantly improves trading convenience for users, but because of Mainland China’s regulatory policies, many investors on the mainland are wondering: Is ZhongAn Bank’s cryptocurrency service usable and safe for domestic users?

ZhongAn Bank’s cryptocurrency trading is currently available only to Hong Kong users; mainland users cannot access it at this time. The service is legal and compliant in Hong Kong, and its security is backed by licensed exchanges.

We analyze ZhongAn Bank’s crypto business from two major angles—regulatory and technical—to help mainland investors quickly assess its availability and safety within China. The article also reveals how the bank bridges fiat currency and digital assets through licensed platforms, which is worth following.

Can ZhongAn Bank’s Cryptocurrency Service Be Used in Mainland China?

• Service scope: The offering is limited to customers who hold a Hong Kong identity card; users in the People’s Republic of China are temporarily excluded.
• Trading channels: Clients can use the ZA Bank app to buy and sell Bitcoin, Ethereum and other major coins directly with Hong Kong dollars (HKD) or United States dollars (USD) without needing to switch to another platform. For fiat transfers, SEPA or SWIFT routes are supported for USD deposits and withdrawals.
• Partner platforms: ZhongAn works with licensed exchanges such as HashKey and OSL to enable crypto asset deposits, withdrawals and fiat‑to‑crypto conversion.

ZhongAn Bank is a virtual bank incorporated in Hong Kong that offers fiat‑to‑crypto conversion services. Under the Hong Kong Monetary Authority’s regulatory framework, every transaction must be conducted on a licensed exchange and must comply with local financial laws. Because mainland China maintains strict restrictions on cryptocurrency activities, the banking system there does not permit such trades, meaning mainland users can only participate indirectly through overseas channels.

Is ZhongAn Bank’s Cryptocurrency Service Safe for Mainland Users?

• Compliance background: ZhongAn Bank received its virtual‑bank licence from the Hong Kong Monetary Authority in 2019 (renamed a “digital bank” in October 2024). Its crypto operations act as an intermediary, partnering with licensed exchanges.
• Security measures: In collaboration with the globally recognised licensed exchange HashKey, the bank employs bank‑grade security technologies, including multi‑signature wallets, cold‑storage solutions and rigorous KYC/AML procedures.
• Risk disclaimer: While the platform itself adheres to regulatory standards, cryptocurrencies remain highly volatile and carry technical risks. Hacks, exchange outages or other operational anomalies could jeopardise asset safety. Users should conduct their own risk assessment and preferably use regulated exchanges. *U.S. users should use Binance.US rather than the global Binance platform for any related activities.*

Crypto gains may be taxable in many jurisdictions; investors should consult local tax authorities or professional advisers to understand their obligations.

ZhongAn Bank’s crypto services offered in Hong Kong are supervised by the local financial regulator and are therefore legal and compliant. Investors intending to trade through the bank must ensure that the partner exchange holds a proper licence and abides by Hong Kong law, otherwise they could face fund freezes or other legal complications.

The above provides a complete analysis of whether ZhongAn Bank’s cryptocurrency service can be used in mainland China and whether it is safe. For more information, you can search for “Bitaigen” (比特根) or continue browsing the related articles below. Thank you for your attention and support!

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• Bitcoin Arbitrage: Concepts, Techniques and Low‑Risk Returns

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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.