Crypto exchange MEXC said on Oct. 20 that it is winding down services for users in Russia and Belarus, attributing the decision to “global compliance” without offering a more detailed explanation.
The exchange said affected customers will receive individual notifications with the timetable and process for closing positions and withdrawing funds. Users who do not receive a message can continue trading normally, according to the notice.
A brief notice with limited detail
MEXC disclosed the change in a short service update that did not spell out a specific legal or regulatory trigger. The company said customer assets remain safe and referred users to its proof of trust page, where it says balances are backed one-to-one.
The announcement was narrowly framed around account wind-down procedures. Rather than applying a blanket shutdown at once, MEXC said it would contact affected users directly and provide instructions for the offboarding process.
Broader compliance pressure around Europe
The exchange’s statement did not name the European Union, but the timing comes as EU restrictions on crypto dealings tied to Russia and Belarus have tightened. The article links MEXC’s move to the bloc’s expanding sanctions regime affecting crypto-asset service providers connected to those markets.
MEXC also referenced a separate notice about winding down services for users in the Netherlands. That parallel step was presented as another sign of mounting regulatory pressure within or near the EU environment.
What changed under EU sanctions
According to the source article, the EU adopted its 20th sanctions package on April 23. From May 24, 2026, that package banned crypto transactions with any Russian or Belarusian crypto-asset service provider and blacklisted both the RUBx stablecoin and the digital ruble.
The report says the EU’s 21st package went further by adding more prohibitions and extending restrictions on Russian individuals connected to crypto businesses, including limits affecting participation on crypto-asset boards. Taken together, those measures have increased pressure on exchanges that continue to serve residents in Russia and Belarus.
Pressure is also building inside Russia
The source article says Russia is narrowing domestic crypto activity toward regulated brokers and self-custody wallets. At the same time, peer-to-peer crypto trading remains legal only on a temporary basis, with the Russian central bank allowing it until July 1, 2027.
The article describes Belarus as operating under a similar framework and aligning with EU restrictions. In that reading, cross-border sanctions and tighter domestic rules are combining to reduce the options available to exchanges and users in both markets.
What happens next for affected users
For now, the only confirmed next step from MEXC is its account-by-account notification process. Users identified by the exchange as affected are expected to receive instructions covering deadlines for closing open positions and withdrawing assets.
MEXC has not publicly provided a fuller reason beyond compliance, and the notice says customers who receive no message may continue using the platform as usual. That leaves the practical impact dependent on the individual notices the exchange sends out in the coming period.
Source: news.bitcoin.com