Bitget and MEXC Exit Russia as P2P Crypto Ban Nears in 2027

Bitget has added Russia to its list of prohibited jurisdictions, giving users until 21 October to withdraw funds before positions are forcibly closed. MEXC followed on 20 October, and the timing matters for high-risk PSPs because Russia is tightening both exchange access and peer-to-peer crypto rails at the same time.

1. On 17 October, Bitget added Russia, Belarus, Kazakhstan and several other countries to its list of prohibited jurisdictions. From 18 October, users in those countries can no longer trade, place orders or subscribe to products on the platform. They have until 21 October to close positions and withdraw assets, after which Bitget will close positions automatically and restrict account access.
2. Market participants are linking Bitget’s move to its push for a European licence. In June 2026, Bitget filed for crypto-asset service provider status under the Markets in Crypto-Assets Regulation (MiCA) with Austria’s Financial Market Authority, FMA (Finanzmarktaufsicht). According to Yuri Brisov, partner at Digital & Analogue Partners, the regulator is likely to assess the whole group, not just the European subsidiary: where it operates without licences, how sanctions controls are set up, and who the clients are.
3. MiCA itself does not require firms to leave Russia or other countries. The pressure comes from EU sanctions packages instead: from autumn 2025, European companies are prohibited from directly or indirectly providing any crypto services to Russian citizens and residents, and from May 2026 they are barred from conducting transactions with Russian crypto services. Brisov’s point is the one compliance teams care about: “indirectly” is where sanctions risk turns from a local issue into a group-level problem.
4. On the evening of 20 October, MEXC also said it had stopped providing services to users in Russia and Belarus. The company said details on withdrawal deadlines would be provided later.
5. Bitget’s exit may also be tied to a September security incident. In September, hackers stole about $351 million from the exchange, after which the platform temporarily suspended withdrawals. Viktor Pershikov, an expert in financial markets and digital currencies, said exchanges typically use such incidents to review their exposure and shed jurisdictions with the highest sanctions risk. Алексей Насонов of Nasonov & Partners added that the hack may have pushed Bitget to secure access to the liquid EU market faster, with creditors helping after the attack possibly pressing for that move.

Russia is not the only jurisdiction being cut off here. Kazakhstan and Thailand were also placed on Bitget’s banned list. Brisov said those countries require a domestic licence for crypto exchanges, while Bitget had been operating there without one. Separately, Russia is set to ban P2P transactions between individuals from 1 July 2027, which narrows the market from both sides: offshore exchange access on one end, and domestic peer-to-peer rails on the other.