Deribit Closes Russian Operations in Response to EU Sanctions

The crypto exchange Deribit has officially ended its services in Russia due to new sanctions from the European Union. Operating under Dutch regulations, the platform can no longer cater to Russian nationals and residents, except under specific conditions.

Deribit clarified that Russians with dual citizenship in an EEA member country or Switzerland—or those permanently residing in these regions—can still use the platform. For instance, a Russian living in Ireland or a Danish national can maintain access. However, Russians based in the UAE remain restricted. Additionally, Russian companies are fully banned from using Deribit’s services.

Since the Russia-Ukraine conflict, the country has faced severe financial restrictions, including being cut off from the SWIFT payment system. These sanctions have disrupted international trade, weakened Russia’s economy, and made foreign banks wary of processing Russian transactions.

With traditional finance under pressure, cryptocurrency adoption has surged in Russia, often as a means to bypass restrictions. Even government officials have acknowledged crypto’s role, as seen during last year’s BRICS Summit. Finance Minister Anton Siluanov previously confirmed that Russian companies are now using Bitcoin and other digital assets for cross-border transactions.

Despite past U.S. sanctions, Deribit continued operating in Russia. However, the latest EU-imposed restrictions forced the exchange to adjust its policies. The company has long navigated regulatory hurdles, which influenced its 2023 relocation to Dubai. Yet, even with the move, Russians in Dubai remain unable to register on the platform.

As global regulations tighten, crypto exchanges like Deribit face increasing pressure to comply, reshaping access to digital assets for Russian users.

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