KuCoin exits Russia and Belarus as crypto exchanges withdraw from Western-sanctioned markets

KuCoin, a cryptocurrency exchange, has announced the suspension of its services for users in Russia and Belarus due to legal and regulatory compliance issues. The exchange cited international sanctions imposed by the United States and Europe against Russia and Belarus in its decision. In a Thursday notice, KuCoin stated that it had suspended access to all products and services for users based in the two countries.

The exchange assured users that it would provide an orderly exit process to facilitate the withdrawal of assets. KuCoin's spokesperson explained that compliance is a core aspect of their operations and influences their decisions on service provision. The move follows the actions of many crypto companies complying with the sanctions.

KuCoin's headquarters are located in the Seychelles. Meanwhile, Russia's central bank approved the National Association of Securities Market Participants, or NAUFOR, as a self-regulatory body for crypto exchanges and custodians. As of now, the central bank's registry includes 23 crypto exchanges and eight digital custody institutions, with entities required to join a self-regulatory organization within 90 days.