Two major cryptocurrency exchanges, Bitget and MEXC, are ending services for customers in Russia and Belarus, further limiting their access to international crypto markets.
MEXC said Tuesday it would stop serving users in both countries to comply with international regulatory requirements. Affected customers will receive individual notices setting deadlines for closing trading positions and withdrawing their cryptocurrency.
The announcement follows similar restrictions by Bitget, which added Russia and Belarus to its list of prohibited jurisdictions alongside Kazakhstan.
Bitget barred affected customers from opening new trades and using new products from Oct. 18. Customers have been told to close their positions and withdraw their assets by 10 a.m. Moscow time on Monday, after which the exchange will begin forcibly closing positions and restricting account access.
The moves could signal a broader retreat by international crypto exchanges from the Russian market as regulatory pressure mounts, industry figures said.
Nikita Zuborev, senior analyst at cryptocurrency exchange comparison service BestChange, told the RBC news website that the threat of secondary sanctions and rising compliance costs were making Russian customers increasingly risky for international exchanges.
Earlier this year, the EU sanctioned HTX for allegedly helping Russians evade sanctions and barring EU companies from conducting transactions with the exchange.
This article was translated with the help of artificial intelligence and was reviewed by a Moscow Times editor before publication. Learn more about our newsroom's AI policy here.
Read this article in Russian at The Moscow Times' Russian service.
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