Deribit Ceases Operations in Russia
Deribit has declared its withdrawal from the Russian market, attributing the decision to the effects of sanctions imposed by the European Union. The cryptocurrency exchange, which operates under Dutch regulatory oversight, stated that it is no longer able to offer services to Russian nationals and residents unless they meet certain requirements.
Access Requirements
The platform is now restricting access to Russian citizens who also hold citizenship in a European Economic Area (EEA) member state or Switzerland, or those who are permanent residents of these regions. As an example, individuals with dual citizenship or those who reside in countries such as Ireland or Denmark will still be able to access Deribit’s services. Conversely, companies headquartered in Russia are now barred from using the platform altogether.
Context of Economic Sanctions
This decision follows widespread financial actions that have cut off Russian banks from the SWIFT payment system. These actions have greatly hampered international financial transactions and reduced the country’s capacity to participate in international commerce. As a consequence, numerous international banks have become wary of transactions involving Russian entities to ensure compliance with the sanctions.
Changes in the Cryptocurrency Market
The limitations placed on conventional financial channels have spurred the use of digital currencies in Russia, with cryptocurrencies acting as an alternative method to circumvent these constraints. Russian authorities have even expressed support for this trend, a view that was reflected during the previous year’s BRICS Summit.
Regulatory Changes and Future Outlook
Previously, Finance Minister Anton Siluanov verified that Russian businesses have begun integrating Bitcoin and other digital currencies into their international payment systems. This action followed the enactment of new legislation, signed by President Vladimir Putin, that permits the use of cryptocurrencies for international transactions while prohibiting their use for internal transactions.
Deribit previously maintained its Russian operations despite U.S. sanctions; however, recent EU measures have required a change in its approach. The exchange has faced several regulatory hurdles over time, which played a role in its relocation to Dubai in 2023.

Maxwell Reed is the first editor of Cryptovista360. He loves technology and finance, which led him to crypto. With a background in computer science and journalism, he simplifies digital currency complexities with storytelling and humor. Maxwell began following crypto early, staying updated with blockchain trends. He enjoys coffee, exploring tech, and discussing finance’s future. His motto: “Stay curious and keep learning.” Enjoy the journey with us!