KuCoin Exits Russia and Belarus as MEXC and Bitget Make Similar Moves

A Sequence of Exits

KuCoin is the third major exchange in recent weeks to announce it is leaving the two markets. MEXC said in an Oct. 20 service update that it would end services in Russia and Belarus as part of its global compliance efforts, nine days before KuCoin's announcement. MEXC also did not identify a specific regulatory order behind its decision.

Bitget moved earlier. Its terms, dated Oct. 16, list Russia and Belarus among prohibited jurisdictions. In an Oct. 17 statement, Bitget described the closures as "a one-off exercise for certain users only" and said its platform would continue operating, with affected customers receiving their own deadlines. The sources differ on how to characterise Bitget's scope: its statement frames the action as limited, while its terms define restricted users broadly to include anyone residing, established or operating in a prohibited jurisdiction.

Across all three exchanges, none has published a single withdrawal timetable applying to every affected account, and none has disclosed aggregate figures for users or assets.

European Sanctions Context

The exits follow European measures aimed at crypto services linked to Russian sanctions evasion. On July 23, the Council of the European Union adopted its 21st sanctions package, which extended transaction bans to 14 crypto-related service platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus. The package also introduced the possibility of a full third-country ban on crypto-asset services and included four designations tied to the cross-border A7 network.

The sources do not establish a direct causal link between that package and the exchange decisions. KuCoin's notice does not cite the July package as a basis for its withdrawal, and MEXC and Bitget did not name it either.

Background on KuCoin's Compliance History

The exit comes against the backdrop of a prior enforcement matter. KuCoin's operating company, Peken Global Limited, pleaded guilty on Jan. 2 in a US case, and the earlier settlement required another market exit. The sources do not detail how that settlement applies to the current decision, and KuCoin's Oct. 29 notice does not reference it.

KuCoin warned customers to communicate only through official channels because of phishing risks. MEXC issued a similar warning that its representatives would never request payments, credentials, seed phrases or asset transfers through private messages.

Why It Matters

For Traders

Users in Russia and Belarus should check for individual notices from their exchange, since withdrawal deadlines are being set per account rather than publicly.

For Investors

Three major exchanges exiting the same markets within weeks signals tightening compliance pressure on offshore platforms serving sanctioned jurisdictions.

For Builders

Exchange-level geofencing and account wind-down workflows are becoming a standard compliance requirement, so access controls and jurisdiction data need to be designed in from the start.