Bitget Adds Russia and Belarus to Restricted List, Begins Account Closures
Cryptocurrency exchange Bitget updated its Terms of Service on October 16, adding Russia and Belarus to its list of restricted countries, a list that previously included Kazakhstan. The following day, the exchange confirmed via social media that it had begun closing selected user accounts.
Detailed Timeline Sent to Affected Users
Bitget described the action as a "one-time measure targeting specific users," assuring that its trading platform would continue to operate normally. The exchange did not disclose the total number of impacted users nor set a universal deadline.
According to notifications obtained by Russian news agency Interfax, affected individuals received a clear timeline:
- Initial Restrictions (Effective October 18): Users are barred from opening new positions, placing pending orders, or subscribing to any new products.
- Final Deadline: Users must close all existing positions and withdraw all remaining assets by 10:00 AM Moscow Time on October 21. Positions not closed by this deadline will be liquidated automatically, and account access will be restricted.
Notifications were delivered individually via email, in-platform messages, and push notifications.
Expanding Restrictions, Unclear Motivations
Bitget's list of restricted jurisdictions already included the United States, Canada, France, Germany, Japan, and Singapore, among others. The addition of Russia and Belarus signifies a further tightening of its regional compliance policy.
The exchange's announcement notably omitted any explanation linking the account closures to specific government directives or new regulatory requirements. Bitget's silence on the precise drivers behind this move, framing it solely as an internal measure, raises questions about its evolving compliance strategy and risk assessment.