KuCoin Halts Services for Users in Russia and Belarus Amid EU Sanctions

KuCoin has announced the immediate termination of its services for users in Russia and Belarus, becoming the third major cryptocurrency exchange to impose restrictions in the region within a short span. The exchange cited compliance with applicable legal and regulatory requirements for this decision, which affects all products and services available on its platform.

Affected customers will receive individual notifications detailing deadlines and procedures for closing open positions and withdrawing their assets. Users who have not yet received a notification are not required to take any action at this time.

This move follows the European Union's adoption of its 21st sanctions package against Russia, which includes bans on transactions with various foreign crypto platforms. KuCoin's decision aligns with a broader trend, as other exchanges like Bitget and MEXC have also restricted services in Russia and Belarus recently.

While KuCoin has not disclosed specific user numbers by country, estimates suggest that Russia accounted for approximately 3.93% of its global website traffic in September, translating to an estimated 1.77 million Russian registrations. However, the actual number of affected users could vary significantly.

New Developments in US Sanctions Against Russian Crypto Brokers

• On October 28, the US Treasury sanctioned 10 individuals and one entity linked to North Korean IT worker fraud.
• Russian nationals Ilya Boykov and Vitold Obertas are accused of converting millions in cryptocurrency for North Korea.
• The Treasury designated a North Korean-run center in Russia and eight crypto addresses on Ethereum and Tron.
• Boykov reportedly exchanged about $3.5 million in crypto for a company sanctioned in March 2024.
• Obertas allegedly handled nearly $2 million in crypto conversions for North Korean officials since January 2025.
• North Korean operatives use stolen identities and forged documents to secure remote jobs, with most wages going to state revenue.
• These workers have also been linked to malware planting and data theft through corporate network access.
• Chainalysis reports that AI tools have been used to create resumes and conduct interviews, aiding in the disguise of identities.
• Boykov was traced sending crypto earnings to Garantex, a now-sanctioned Russian exchange.
• The latest sanctions follow a previous round in March targeting individuals and companies involved in laundering $800 million in crypto for North Korea.