Deribit Exits Russia Amid EU Sanctions: Crypto Traders Seek Alternatives

Crypto Exchange Deribit Exits Russian Market Amid EU Sanctions

Deribit, a leading cryptocurrency exchange, has announced its exit from the Russian market due to European Union (EU) sanctions. The exchange, based in the Netherlands, has stopped accepting new clients from Russia and its residents, with some exceptions for dual citizens and residents of the European Economic Area (EEA) or Switzerland. All Russian users must meet specific conditions to maintain access to the Deribit platform.

Russian news agency Tass has revealed that Deribit will allow some individuals to maintain their access to the platform. Users can continue trading on Deribit if they possess dual citizenship as a Russian national and a resident of either an EU member state, EEA country, or Switzerland. Permanent Russian residents who maintain residency in EEA nations or Switzerland can also access the platform.

Both Russian nationals who live in Ireland and those who possess Danish citizenship retain trading rights on Deribit. However, a Russian citizen living in the United Arab Emirates (UAE) cannot access any services through Deribit.

The exit of Deribit from the Russian market has left crypto traders seeking alternatives. The exchange provided options and futures trading services, which are now unavailable to Russian users. Those affected by the decision may move to platforms that do not operate under EU sanctions or explore decentralized exchanges with lighter regulatory requirements.

Deribit's decision to cut ties with Russian customers comes as EU regulatory demands expand. The adoption of new sanctions throughout the industry is likely to lead additional crypto platforms to implement similar security measures. Those who relied on digital asset trading in Russia must now develop alternative methods to trade cryptocurrencies and adjust to international trading regulations.