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Cryptocurrency exchange KuCoin announced the full cessation of product and service sales to users from Russia and Belarus. The decision took effect today, October 29.
The platform explained its decision as “necessary to comply with current legislative and regulatory requirements.” The company promised a transition period during which customers are advised to close open positions and withdraw assets. Specific deadlines and detailed instructions will be sent via personal notifications. The authors of the announcement state that if such a notification has not yet been received, no action is required.
The headquarters of KuCoin’s parent company is located in the Seychelles. The platform was previously registered there but later changed its jurisdiction to the British Virgin Islands.
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According to Gleb Kostarev, former Vice President of Binance for the former Soviet Union countries, the next exchange to stop serving Russians will be Gate, followed by OKX. Both platforms continue to serve Russian and Belarusian users despite sanctions.
“OKX has too much tied to regulation in the US and Europe. Bybit will fight for the market until the last moment, but they will only be saved if Russia and Ukraine suddenly reach an agreement (which is highly questionable),” Kostarev wrote in his Telegram channel.
KuCoin became the fourth major cryptocurrency exchange to announce the cessation of operations with Russia in the last two weeks. Prior to this, similar decisions were made by HTX (formerly Huobi), Bitget, and MEXC.
