From Cointelegraph · By Turner Wright
Cryptocurrency exchange KuCoin announced that it would immediately suspend services for its users in Russia and Belarus, citing legal and regulatory compliance concerns.
In a Thursday notice, KuCoin said it had suspended access to all products and services for users based in Russia and Belarus. According to the exchange, it would offer an “orderly exit process” to allow users to withdraw 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.
The move comes as many crypto companies are complying with international sanctions led by the United States and Europe against Russia and Belarus over the war in Ukraine. KuCoin is headquartered in the Seychelles.
Separately, Russia’s central bank on Thursday approved the National Association of Securities Market Participants, commonly known as NAUFOR, as a self-regulatory body for crypto exchanges and custodians. The central bank’s registry currently includes 23 crypto exchanges and eight digital custody institutions, with registered entities required to join a self-regulatory organization within 90 days.
Related: UK sanctions three crypto exchanges tied to Russian illicit funds