Key facts
- KuCoin suspended all products and services for users in Russia and Belarus.
- The exchange cited legal and regulatory compliance for the decision.
- Russia's central bank approved NAUFOR as a self-regulatory body for crypto exchanges.
Cryptocurrency exchange KuCoin announced on Thursday that it is immediately suspending all services for users in Russia and Belarus. The exchange cited legal and regulatory compliance as the reason for the decision, which comes amid international sanctions against the two countries over the war in Ukraine. KuCoin, headquartered in the Seychelles, will facilitate an orderly exit process for affected users to withdraw their assets. Separately, Russia's central bank approved the National Association of Securities Market Participants (NAUFOR) as a self-regulatory body for crypto exchanges and custodians.