KuCoin has suspended services for users in Russia and Belarus, citing compliance requirements

Cryptocurrency exchange KuCoin announced that it has immediately suspended all products and services for users in Russia and Belarus, citing legal and regulatory compliance. KuCoin stated that it will provide affected users with an "orderly exit process" to facilitate asset withdrawals. The exchange mentioned in a post on X on Thursday that compliance is at the core of its operations and guides where and how it provides services.

KuCoin is headquartered in Seychelles. This move comes as several cryptocurrency companies cooperate with the international sanctions imposed by the United States and Europe against Russia and Belarus, which are related to the war in Ukraine.

Additionally, according to an announcement from the Central Bank of Russia on Thursday, it has approved the National Association of Securities Market Participants (NAUFOR) as a self-regulatory organization for cryptocurrency exchanges and custodians. The central bank's registry currently includes 23 cryptocurrency exchanges and 8 digital custodians, and registered entities must join the self-regulatory organization within 90 days.