MEXC Halts Services in Russia and Belarus Citing Global Compliance

MEXC, the Seychelles-based crypto exchange, has announced it will discontinue services for users in Russia and Belarus.

The move, effective October 20, 2026, is framed as part of the platform’s “ongoing efforts to enhance global compliance.”

MEXC also issued a phishing warning. The exchange urged affected users not to click unverified links or respond to unofficial communications claiming to represent the platform.

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Parallel Exits Signal a Broader Industry Shift

The announcement mirrors a move by rival exchange Bitget, which recently added Russia, Belarus, and Kazakhstan to its list of prohibited jurisdictions.

Bitget’s trading restrictions took effect mid-October, with forced position closures rolling out around October 21.

Affected users will receive individual notifications via registered email and in-app messages. Each notification will include a specific timeline for closing positions and withdrawing assets.

Users who do not receive a notice remain unaffected and can continue under existing Terms of Service.

This follows MEXC’s earlier exit from the Netherlands, triggered by MiCA-related enforcement in the European Economic Area.

As Three Months Into MiCA, One Rule Is Clear laid bare, a crypto licence issued in one market simply does not travel, and that reality is now reshaping where offshore exchanges can operate.

MEXC named Vugar Usi as its new CEO earlier this year as it pushed a multi-asset expansion strategy, but compliance headwinds have since forced hard geographic trade-offs.

Meanwhile, the EU has intensified pressure on platforms with Russian exposure. The bloc recently targeted Justin Sun’s HTX and other crypto exchanges under fresh Russian sanctions packages.

The UK has taken parallel action, sanctioning crypto platforms suspected of facilitating Russia-linked financial flows.

Both moves have made serving Russian and Belarusian users a growing liability for lightly regulated offshore platforms.

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Russia and Belarus Are Building Their Own Regulated Crypto Markets

Russia’s crypto law went live on September 1, 2026, introducing a licensed framework for crypto trading, custody, and select cross-border settlements.

However, the law also introduced tighter controls as Russia’s new rules restrict direct P2P crypto trades and self-custody transfers, further narrowing the role of offshore platforms.

Retail investors now face suitability tests and an annual investment cap. Licensed domestic players are moving fast.

Moscow Exchange is planning to launch crypto trading in December, and Russia’s Central Bank has approved Sberbank for crypto exchange services, a sign that established financial institutions are filling the void left by departing offshore exchanges.

Belarus has moved in a similar direction. After President Lukashenko signed a law allowing cryptobanks to integrate tokens into banking in January 2026, the country approved its first crypto banks under a High-Tech Park and National Bank supervisory framework. Both countries are building regulated domestic alternatives, not retreating from crypto.

MEXC’s exit continues a trend that began with Binance’s full withdrawal from Russia years ago. For users in these markets, the options are narrowing fast, international venues are leaving, while domestic platforms are still ramping up.