Crypto exchange KuCoin has discontinued all services for users in Russia and Belarus, effective immediately, according to an announcement dated Oct. 29 and published on its official website. The move places KuCoin alongside MEXC and Bitget, both of which announced comparable restrictions for the two countries earlier this month. With this notice, three exchanges have now announced restrictions or exits covering the same two markets within a span of roughly two weeks.

The withdrawal covers all KuCoin products, services, and features in both countries. The exchange said it will manage the process in an orderly manner so that affected customers can close their positions and withdraw their assets. Because exit timelines are being set account by account rather than platform-wide, the pace of the wind-down will differ from one user to the next.

KuCoin did not publish a single, universal withdrawal deadline, nor did it disclose how many accounts are affected or the value of assets those users hold, leaving the overall scale of the exit outside public view.

Individual Notices With Personalized Deadlines

Affected customers will receive account notifications containing their own deadlines and instructions. The exchange said users who have not received a notice do not need to take any action, although those accounts remain subject to KuCoin's terms of use and any applicable restrictions. Customers with questions about their account status were directed to contact customer support.

KuCoin also cautioned users to communicate only through its official channels, citing phishing risks — a caution that carries particular weight while account holders await individual deadline notices.

The company said the move complies with applicable legal and regulatory requirements. It did not identify a specific sanctions designation, licensing condition, or regulator's instruction as the cause.

MEXC and Bitget Took Similar Steps in October

KuCoin is not the first exchange to exit these markets this month. On Oct. 20, MEXC announced it would end services in Russia and Belarus as part of its global compliance efforts. MEXC said affected users would receive individual notices explaining how and when to withdraw, and emphasized that customer assets were safe and that staff would never request payments, credentials, or seed phrases through private messages.

Bitget updated its terms of service on Oct. 16 to designate Russia and Belarus as prohibited jurisdictions. In an Oct. 17 statement, it described the account closures as "a one-off exercise for certain users only." Bitget said its platform would continue operating and that affected users would receive their own deadlines and instructions.

EU Sanctions Backdrop

The sequence of exits follows new European measures. On July 23, the Council of the European Union adopted its 21st sanctions package, extending transaction bans to 14 crypto-related platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. The package also introduced the option of a full ban on crypto services from third countries that help Russia circumvent EU sanctions. The October announcements arrived roughly three months after that adoption, though KuCoin's notice does not cite the package as the reason for its decision.

KuCoin has withdrawn from a major market before. In January 2025, its operating company, Peken Global Limited, pleaded guilty in the United States to operating an unlicensed money-transmitting business. Peken agreed to pay more than $297 million and to pull KuCoin out of the US market for at least two years. Co-founders Chun Gan and Ke Tang agreed to step away from managing the exchange.

For now, KuCoin users in Russia and Belarus should monitor their accounts for notices containing their individual deadlines. The exchange has asked all customers to rely exclusively on its official channels for updates.

Source: Blockonomi