KuCoin and OKX tighten P2P trading for Russians

On 29 August, cryptocurrency exchanges KuCoin and OKX updated their P2P trading rules for Russian users, according to RBC.

KuCoin has prohibited operations with U.S.-sanctioned banks Sberbank and Tinkoff, as notified in a letter. Buying or selling cryptocurrencies is possible only through bank transfers and via payment services.

“The use of Tinkoff and/or Sberbank accounts for receiving fiat currency on the platform is not permitted. If any activity related to P2P transactions of these two banks is detected, KuCoin will suspend the user’s account,” the letter states.

In turn, OKX closed ruble trades. Russians, however, still have access to trading other fiat currencies.

Earlier, restricted Russians’ access to a number of services. In particular, to the Earn program with an annual yield of more than 99%, as well as the Shark Fin and “Double Investments” structured products. The company cited “regulatory requirements.”

Recall, Binance, Bybit and OKX removed from their P2P platforms banks under U.S. sanctions—Sberbank, Tinkoff and Alfa-Bank. The first also barred Russians from exchanging operations with any fiat currencies other than the ruble.

One of ForkLog’s interviewed experts proposed considering blocking exchanges introducing restrictions in Russia.

In response, Binance representatives said they are studying the possibility of a complete exit from the jurisdiction . However, experts called such a scenario “unlikely”.