KuCoin has officially ceased operations for users in Russia and Belarus, citing regulatory compliance requirements. The decision applies to all products offered by the exchange and took effect immediately. Affected clients will be notified individually regarding specific deadlines for closing their positions and withdrawing their assets.
The exchange's move follows a broader trend of tightening restrictions within the industry. Bitget recently limited services for users in Russia, Belarus, and Kazakhstan, while MEXC announced its complete withdrawal from the Russian and Belarusian markets on October 20.
While KuCoin has not disclosed official user figures for these regions, web traffic data provides some context. In September, Russia accounted for 3.93% of the exchange's global traffic, totaling 1.03 million visits. Based on the company's reported global user base of 45 million, this suggests a significant potential impact, though the actual number of active accounts remains unverified.
The withdrawal follows increased scrutiny from European regulators. In February, Austrian authorities restricted the business activities of KuCoin's EU subsidiary due to concerns over anti-money-laundering and sanctions compliance. Although some restrictions were lifted in May, operational limitations persisted, likely influencing the company's current risk management strategy.
