KuCoin exits Russia and Belarus as crypto exchanges withdraw from Western-sanctioned markets
Crypto exchange KuCoin is immediately ending all services for customers in Russia and Belarus, citing legal and regulatory requirements.
The ban takes effect immediately and applies to all KuCoin's products and services. Customers will be notified of the deadlines for closing positions and withdrawing their funds, the exchange said in a Thursday statement.
Growing Exodus
KuCoin joins rivals MEXC and Bitget, which also announced restrictions on Russian and Belarusian customers this month. MEXC said that it would stop serving users in both countries on Oct. 20.
Sanctions Context
Since Russia invaded Ukraine in February 2022, Western governments have imposed sanctions targeting Russian financial institutions and transactions. Some restrictions also cover crypto exchanges outside the European Union that allegedly helped sanctioned entities move funds.
The EU first announced sanctions on crypto assets in 2022. In July of this year, the EU targeted a $120 billion crypto network known as A7.
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