KuCoin has announced an immediate end to services for users in Russia and Belarus, with affected customers set to receive individual deadlines for closing positions and withdrawing their assets.
Summary
- KuCoin’s withdrawal covers all products, services, and features available to users in both countries.
- Affected customers will receive account notifications explaining their closure and withdrawal deadlines.
- MEXC and Bitget announced service restrictions involving the same markets earlier in October.
- KuCoin cites legal and regulatory requirements without identifying a specific order behind its decision.
KuCoin’s official announcement, dated Oct. 29, says the decision takes effect immediately and covers its entire offering in the two countries. The exchange has committed to allowing customers to wind down their accounts through an orderly termination process.
The notice does not publish a single withdrawal deadline or disclose the number of affected accounts and the value of their holdings.
KuCoin will send account-specific withdrawal instructions
Customers whose accounts fall within the restrictions will receive notifications setting out the relevant deadlines and instructions. KuCoin says users who have not received a notification need to take no action, although their accounts remain subject to its terms and applicable restrictions.
The exchange directs customers with questions about their account status to customer support and warns them to communicate only through official channels because of phishing risks.
Its explanation is limited to compliance with applicable legal and regulatory requirements. The announcement does not identify a sanctions designation, licensing condition, or regulator’s instruction as the trigger.
MEXC and Bitget announced restrictions earlier in October
Nine days before KuCoin’s announcement, MEXC said it would end services in Russia and Belarus as part of its global compliance efforts.
In its Oct. 20 service update, MEXC said affected customers would receive individual notifications explaining how and when to close positions and withdraw assets. Customers who had not received a notice could continue using the exchange under its terms of service.
MEXC said customer assets remained safe and directed questions about account eligibility and withdrawal procedures to its support team. Its announcement did not identify a particular regulatory order requiring the departure.
The exchange warned that its representatives would never request payments, account credentials, seed phrases or asset transfers through private messages. Customers were told to rely on its website, application, announcement center and verified social channels.
Earlier in the month, Bitget updated its access rules to list Russia and Belarus among prohibited jurisdictions, as crypto.news reported. The revised terms were dated Oct. 16.
In an Oct. 17 statement, Bitget described the account closures as “a one-off exercise for certain users only” and said its platform would continue operating. Affected customers would receive their own deadlines and instructions.
Bitget’s terms define restricted users to include people and entities residing, established or operating in prohibited jurisdictions. Its public statement did not establish one withdrawal timetable for every affected account.
EU sanctions have expanded restrictions on crypto providers
The departures follow European measures targeting cryptocurrency services connected to Russian sanctions evasion.
On July 23, the Council of the European Union adopted its 21st sanctions package, extending transaction bans to 14 crypto-related service platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus.
The Council said the package introduced the possibility of a full third-country ban on crypto-asset services. It described the measure as a way to deter countries from hosting platforms that help Russia evade EU sanctions.
According to the Council, the instrument allows restrictions on transactions between EU operators and crypto providers used by Russia. The package included four designations connected to the cross-border A7 network, including links to Africa.
Separate measures involving Belarus were intended to mirror restrictions imposed on Russia, particularly trade measures and legal protections. KuCoin’s notice does not cite the July package as the basis for its withdrawal.
KuCoin previously agreed to leave the US market
KuCoin’s earlier US settlement required another market exit after its operating company, Peken Global Limited, pleaded guilty on Jan. 27, 2025, to operating an unlicensed money-transmitting business.
The US Justice Department said Peken agreed to pay more than $297 million and withdraw KuCoin from the US market for at least two years.
Prosecutors said the exchange failed to maintain adequate anti-money laundering and customer-identification programs, register with the Financial Crimes Enforcement Network, and file required suspicious activity reports.
The resolution included $184.5 million in criminal forfeiture and a criminal fine of approximately $112.9 million. Co-founders Chun Gan and Ke Tang agreed to have no further role in KuCoin’s management or operations.
