Cryptocurrency exchange KuCoin is ending all services for customers in Russia and Belarus, joining other trading platforms withdrawing from the two countries as Western sanctions continue to restrict financial activity.
In a Thursday statement, KuCoin cited compliance with legal and regulatory requirements, without identifying any specific sanctions or regulations behind the decision.
The ban takes effect immediately and applies to all its products and services. Customers will be notified of the deadlines for closing positions and withdrawing their funds, it said.
The exchange joins rivals MEXC and Bitget, which also announced restrictions on Russian and Belarusian customers this month. MEXC said that it would stop servingusers in both countries on Oct. 20.
Since Russia invaded Ukraine in February 2022, Western governments have imposed sanctions targeting Russian financial institutions and transactions. Some restrictions also cover crypto exchanges outside the European Union (EU) that allegedly helped sanctioned entities move funds. The EU first announced sanctions on crypto assets in 2022. In July of this year, the EU targeted a $120 billion crypto network known as A7.
