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KuCoin announced on October 29 that it is immediately discontinuing all services for users in Russia and Belarus. The exchange will provide an orderly process for affected customers to close positions and withdraw assets, though it did not publish a universal deadline. Instead, users must rely on individual account notifications for specific instructions and dates.
Scope of the Service Discontinuation
The decision covers all KuCoin products and features across the entire platform. The official notice attributes the move to legal and regulatory requirements. The exit is framed as a compliance measure rather than a response to a single named government action or enforcement order.
Users who have not received a notification need not take action based on the general notice alone. The exchange emphasized that this broad withdrawal affects the commercial relationship between the platform and users in those jurisdictions.
Account-Specific Closure Procedures
The announcement distinguishes between transferring a balance and closing exposure. Open orders, borrowed funds, or other positions must be settled before remaining balances can be withdrawn. Because a simple transfer deadline would not address every obligation or identify available networks, procedures depend on the specific product and account state.
KuCoin directed customers to official account channels for these details. The company noted that the general terms page is not a substitute for the specific notification governing a particular account closure; the notice establishes policy, while individual communications establish the timetable.
Operational Implications and Security
The shift highlights the difference between token ownership and exchange access. While network rules remain unchanged, losing platform access alters how customers trade, convert, or withdraw holdings. For businesses, the move serves as a reminder that jurisdiction checks cannot be a one-time onboarding exercise, as later restrictions can impact treasury operations and liquidity.
KuCoin also warned users to beware of impersonators. The announcement directs users to official channels, noting that messages offering to accelerate an account exit should not be trusted. Until individual communications are reviewed, it is premature to assume all accounts follow the same path or that all affected users are already unable to retrieve funds.
Frequently Asked Questions
Did KuCoin set a single withdrawal deadline for all users in Russia and Belarus?
No. KuCoin did not publish one universal deadline. Affected customers will receive individual notifications with closure instructions and deadlines specific to their accounts.
What should users do if they have not received a notification?
Users who have not received a notification are told that no action is required based on the general notice. They should monitor official account channels for specific communications.
