Deribit exits Russia due to EU sanctions, restricting access for Russian users and businesses. Some exceptions apply for dual citizens and EEA residents.
Deribit, a leading cryptocurrency exchange, has announced its exit from the Russian market due to European Union (EU) sanctions. Deribit stopped accepting new clients from Russia along with its residents except in situations when specific exceptions apply. Deribit operates from the Netherlands which makes the EU sanctions apply directly to the exchange. All Russian users must fulfill particular conditions to keep their access to Deribit platform operational.
Russian news agency Tass has revealed that Deribit will provide specific conditions enabling some individuals to maintain their access to the platform. Users of Deribit can continue trading on the platform if they possess dual citizenship as a Russian national and a resident of either an EU member state or a country within EEA or Switzerland. Deribit remains available for permanent Russian residents who maintain residency in European Economic Area nations or Switzerland.
Both Russian nationals who live in Ireland and those who possess Danish citizenship retain trading rights on Deribit. A Russian citizen living in the United Arab Emirates (UAE) cannot access any services through Deribit.
Crypto Traders in Russia Seek Alternatives After Deribit Exit
There are no rules that grant waivers to Russian business operations under these provisions. Deribit explicitly prohibits all Russian-based companies from accessing its trading services. These service restrictions harmonize with the financial restrictions made after EU governments applied economic sanctions. The objective of these restrictions is to restrict Russia’s usage of financial resources and electronic assets because of current geopolitical changes.
The regulatory limitations could threaten the entire operation of Russian crypto traders because Deribit serves them with options and futures trading services. The users who faced consequences from this decision will probably move to platforms that do not operate under EU sanctions. Users who wish to evade strict regulations could try decentralized exchanges, which have lighter regulatory requirements.
Deribit chose to cut ties with Russian customers due to expanding EU regulatory demands. The adoption of new sanctions throughout the industry likely will lead additional crypto platforms to implement such security measures. Those who relied on digital asset trading in Russia must now develop alternative methods to trade cryptocurrencies together with adjusting to the international trading regulations.
