Crypto exchange KuCoin bans Russian users following Bitget, MEXC, HTX decision

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Cryptocurrency exchange KuCoin has halted services for users in Russia and Belarus. The decision took effect on October 29th.

"In compliance with applicable legal and regulatory requirements, KuCoin is immediately ceasing services to users in Russia and Belarus. This fully covers access to all KuCoin products, services, and features," the platform stated in an official announcement.

KuCoin assured affected users that they will be allowed to close their positions and withdraw their assets.

KuCoin is the fourth major cryptocurrency exchange to announce its exit from Russia in the past month. Earlier, Bitget, MEXC, and HTX stopped serving Russian investors, citing the "need to comply with global regulatory requirements."

Experts point out that these departing companies are not niche players but "global-scale exchanges." According to CoinMarketCap, the four platforms accounted for about 17% of the global cryptocurrency exchange turnover in September. Data from TradingBeats indicates that Russian investors previously generated up to 13.7% of trading volume on HTX and 10.5% on MEXC.

• Earlier, the EU banned European operators from interacting with cryptocurrency platforms cooperating with Russia as part of its 21st package of anti-Russian sanctions.