KuCoin Suspends Services for Users in Russia and Belarus, Citing Compliance Requirements

KuCoin—a Seychelles-based cryptocurrency exchange—announced on X (formerly Twitter) this Thursday that it would immediately cease all products and services for users in Russia and Belarus to ensure legal and regulatory compliance. The company emphasized that compliance is a foundational principle of its operations, directly shaping the scope and delivery of its services, and pledged to implement an “orderly exit process” to support affected users in withdrawing their assets. This decision comes amid broader actions by multiple crypto firms responding to U.S. and European international sanctions against Russia and Belarus—sanctions imposed in connection with the war in Ukraine. On the same day, the Central Bank of Russia issued a notice formally authorizing the National Association of Securities Market Participants (NAUFOR) to serve as the self-regulatory organization (SRO) for cryptocurrency exchanges and digital custodians. The Central Bank’s registry currently lists 23 crypto exchanges and 8 digital custodians; all registered entities must meet relevant compliance requirements within 90 days.