Cryptocurrency exchange KuCoin has ended services for users in Russia and Belarus, effective immediately as of October 29. The exit covers all KuCoin products, services, and features in both countries.
The exchange said it will conduct an orderly process allowing users to close positions and withdraw their assets. Affected customers will receive individual account notifications with their own deadlines and instructions for withdrawal. KuCoin did not publish a single withdrawal deadline across all accounts or disclose how many accounts are affected.
KuCoin cited applicable legal and regulatory requirements for the move but did not name a specific sanctions designation, licensing condition, or regulator's instruction as the cause.
Industry-Wide Shift
KuCoin is not the first major exchange to restrict access in these markets this month. On October 20, MEXC announced it would end services in Russia and Belarus as part of its global compliance efforts. Similarly, Bitget updated its terms on October 16 to list Russia and Belarus as prohibited jurisdictions, with an October 17 statement describing the account closures as "a one-off exercise for certain users only."
Both MEXC and Bitget said affected users would receive individual notices with their own deadlines and instructions. MEXC also warned customers that staff would never ask for payments, credentials, or seed phrases through private messages.
Regulatory Context
These exits follow European Union sanctions measures. On July 23, the Council of the European Union adopted its 21st sanctions package, which extended transaction bans to 14 crypto-related platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. The package also created the option of a full ban on crypto services from third countries that help Russia avoid EU sanctions.
KuCoin's notice did not cite the EU sanctions package as the reason for its exit.
