Major crypto exchanges suspend services in Russia and Belarus after Kremlin ban
MEXC and Bitget have halted operations for users in Russia and Belarus following the Kremlin's prohibition on peer-to-peer cryptocurrency transactions.
In response to a Kremlin decree that forbids direct cryptocurrency transactions between private individuals, leading exchanges are exiting the Russian and Belarusian markets. MEXC announced it will no longer provide services to users in both countries, citing regulatory requirements. Earlier, Bitget instructed its Russian and Belarusian clientele to liquidate positions and retrieve their holdings.
The Central Bank also prohibited transfers of crypto to cold wallets, reinforcing the state's effort to dominate the sector. These measures reflect Moscow's strategy to use digital assets for international trade while limiting external financial channels. Western sanctions have heightened the importance of crypto for Russia's trade, making the regulatory clampdown a significant shift for the industry.
Why it matters
The bans force major crypto platforms out of Russia, reshaping access to digital assets in a market reliant on them for trade.
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