In October, four major cryptocurrency exchanges—MEXC, KuCoin, Bitget, and HTX—announced the discontinuation of services for users in Russia. The platforms cited regulatory requirements and compliance risks as the primary drivers for their exit from the Russian market.
The departures follow a series of EU sanctions, including the 20th and 21st packages, which prohibit transactions with Russian-based crypto providers. Experts note that platforms seeking European MiCA licenses or international partnerships view Russian clients as a threat to their regulatory standing.
Domestic legislation also plays a role. The Russian law 282-FZ, signed on August 4, mandates that by July 1, 2027, all cryptocurrency trading must occur through regulated intermediaries registered with the Central Bank of Russia. This framework limits the long-term viability of foreign platforms in the country.
Exchanges are implementing exit strategies differently, with some updating user agreements silently and others issuing personal notifications. Users are advised to withdraw assets to private wallets, as platforms reserve the right to freeze accounts or force position closures if residency in restricted jurisdictions is detected.
