Russia and Belarus Face Service Suspension from KuCoin Exchange
Legal and regulatory compliance drove the decision by the cryptocurrency platform to discontinue its offerings to customers in both nations, which are currently facing global sanctions.
The digital currency platform KuCoin has revealed its decision to halt all service offerings for customers located in Russia and Belarus with immediate effect, pointing to concerns related to legal and regulatory compliance as the primary motivation.
Through an announcement made on Thursday, KuCoin stated that it had discontinued access to its complete range of products and services for individuals based within Russia and Belarus. The platform indicated it would provide an "orderly exit process" designed to enable affected users to retrieve their holdings and assets.
"Compliance is at the core of our operations and guides our decisions on where and how we offer our services," said the exchange in a Thursday X post regarding the service suspension.
This decision arrives during a period when numerous cryptocurrency businesses are adhering to international sanctions spearheaded by the United States and Europe targeting Russia and Belarus in response to the ongoing war in Ukraine. The cryptocurrency exchange KuCoin maintains its headquarters in the Seychelles.
In related developments, Russia's central bank announced on Thursday its approval of the National Association of Securities Market Participants, commonly known as NAUFOR, designating it as a self-regulatory body overseeing crypto exchanges and custodians. The central bank's official registry presently lists 23 crypto exchanges and eight digital custody institutions, with all registered entities facing a requirement to join a self-regulatory organization within 90 days.