KuCoin Exits Russia and Belarus as EU Crypto Sanctions Tighten
Crypto exchange KuCoin has stopped serving customers in Russia and Belarus, becoming the third major exchange to announce restrictions in the region within two weeks.
The decision took effect immediately and covered every product on the platform. Affected customers will receive individual deadlines to close positions and withdraw funds. KuCoin cited 'applicable legal and regulatory requirements' but did not specify any new rule or regulator.
Sanctions Pressure
The move follows the EU's adoption of its 21st Russia sanctions package on July 23, which banned transactions with 14 foreign crypto platforms and created powers to restrict other overseas providers. KuCoin began blocking transactions involving certain entities in July and expanded restrictions in September.
Growing Retreat
KuCoin has faced regulatory scrutiny before. Austria's financial regulator restricted new business at its EU subsidiary in February over anti-money-laundering and compliance issues, though the ban was lifted in May. The exchange's withdrawal from Russia and Belarus follows similar moves by Bitget and MEXC.
Russia accounted for 3.93% of KuCoin's global website visits in September, making it the third-largest traffic source. While the exchange has over 45 million global users, the exact number of affected Russian users remains unclear, with estimates suggesting around 1.77 million registrations.
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