Three More Crypto Exchanges Could Stop Serving Russia, Analysts Say

OKX, KuCoin, and Bybit are the names getting the most attention. The practical issue for payment and compliance teams is simple: once a crypto venue is under tighter U.S. AML (anti-money laundering) scrutiny or facing sanctions pressure, Russia-facing flows become harder to defend, process, and keep stable.

1. Yury Brisov, partner at Digital & Analogue Partners, said OKX and KuCoin are the most exposed. Both exchanges hold EU licenses, admitted violations of U.S. anti-money laundering laws in 2025, and are paying large fines under agreements with the U.S. Department of Justice. According to Brisov, they are now under U.S. compliance control, which further limits their flexibility.
2. Bybit is a special case. Similarweb data shows that Russia accounts for 27% of its traffic, or 3.3 million visits in September. The exchange also holds an EU license and a license in Kazakhstan. Brisov said Bybit stands to lose the most if it exits the Russian market.
3. Bybit is already removing Russian banks from payment methods, freezing accounts over a “historical connection” to sanctioned services, and carrying out lengthy source-of-funds checks. Brisov said he would not expect a same-day exit announcement, but does expect further tightening. If Bybit leaves, he said, the Russian market would lose its main platform.
4. Brisov said smaller foreign platforms that have “nothing to lose” may stay the longest, but continuing to operate would require licensing in Russia. Darya Petrukhina, consultant at IPN Partners, said an exit under a global brand does not necessarily mean a full break with Russian clients: exchanges could launch separate services under different brands or focus on narrower lines such as crypto exchange. Another route would be to set up a Russian legal entity and obtain a Bank of Russia license.
5. The key risk remains exposure to international sanctions. HTX, registered in the Seychelles and without a European license, set the precedent: it was hit by UK sanctions in May and then banned from operating in the EU under the 21st package on 23 August for serving the Russian market. Since then, analysts say, each foreign exchange has to weigh how much it earns from Russian users against the risk of damaging its standing in other jurisdictions. Over the past week, Bitget and MEXC also stopped serving Russian residents.

For PSPs, acquiring teams, and banking partners, the signal is not just about one market. The real question is whether a crypto venue can keep its licensing, sanctions profile, and payment rails aligned at the same time when Russia is on the table.