MOSCOW: Cryptocurrency exchanges Bitget and MEXC have announced plans to discontinue services for customers in Russia and Belarus, further restricting access to international digital asset trading platforms.
According to The Moscow Times, MEXC announced on October 20 that it would stop serving users in both countries as part of its efforts to comply with international regulatory requirements.
The exchange said affected customers would receive individual notifications explaining the deadlines and procedures for closing trading positions and withdrawing their cryptocurrency holdings. However, MEXC did not announce a single deadline applicable to all users.
Bitget has also introduced restrictions by adding Russia and Belarus to its list of prohibited jurisdictions, alongside Kazakhstan. The platform began blocking affected customers from opening new trades and accessing new products on October 18.
Bitget instructed affected users to close their positions and withdraw their assets by 10am Moscow time on October 26. After that deadline, the exchange said it would begin forcibly closing positions and restricting account access.
The decisions come amid growing regulatory pressure on international cryptocurrency businesses and increasing concerns about sanctions compliance.
Nikita Zuborev, a senior analyst at cryptocurrency comparison service BestChange, told Russian media that the threat of secondary sanctions and rising compliance costs had increased the risks associated with serving Russian customers.
Earlier this year, the European Union imposed sanctions on cryptocurrency exchange HTX over allegations that it helped Russians evade sanctions.
The latest withdrawals could further limit Russian and Belarusian customers’ access to international cryptocurrency markets as exchanges strengthen compliance measures.
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