Deribit Exits Russia: EU Sanctions Force Crypto Exchange to Shut Out Russian Clients

Deribit, a leading crypto exchange based in the Netherlands, has announced its exit from the Russian market in response to European Union (EU) sanctions. The exchange, which is subject to EU regulations due to its Dutch ownership, will no longer accept Russian nationals or residents as clients, with a few exceptions.

The exchange's decision comes as a result of EU sanctions targeting Russia, which have restricted Deribit's ability to serve Russian clients. Russian nationals can only use Deribit's services if they are also citizens of an EEA member country or Switzerland, or if they have permanent residency in one of these countries. For instance, Russian nationals residing in Ireland or those who are also nationals of Denmark can access Deribit's platform. However, Russians residing in the UAE are still prohibited from using the exchange's services.

Deribit has also clarified that it will not make exceptions for Russian companies, meaning they are unable to access the exchange's services. In an email to clients, Deribit announced that Russian accounts will enter "reduce-only mode" starting February 17, 2025. This means traders can only close positions or place new orders that reduce risk. All open positions will be closed on March 29, 2025, but there will be no restrictions on withdrawing assets.