Crypto derivatives exchange Deribit has announced plans to leave Russia, winding down its operations to follow the European Union sanctions. In a post made by Deribit, it warned Russian users of the development, highlighting that Russian nationals living abroad can still access the platform.
“Due to EU sanctions against Russia, Deribit is no longer able to accept Russian nationals and Russian residents as its clients, unless an exception applies. Since Deribit’s parent company is Dutch, these EU sanctions are relevant to us,” the exchange said.
According to the statement, the affected users’ accounts would be put in ‘reduce-only’ mode starting from February 17, with all Russian accounts closed by March 29. The statement also added that withdrawals will still be possible.
Deribit is losing 15% of its user base
Deribit has confirmed that Russians living abroad will still be able to access their services, same with Russians living in the European Economic Area (EEA) and Switzerland, but not Russians living anywhere else. The EEA is a conglomerate of the European Union (EU) member states and Iceland, Lichtenstein, and Norway. Deribit left The Netherlands in 2020, moving to Panama to avoid regulations. It also moved to Dubai in 2024, boasting a trading volume of $1.2 trillion in 2024.
According to a survey carried out on the website, about 15% of its users were based in Russia, with other exchanges Bybit (27%), Bitfinex (22%), HTX (14%), and MEXC (10%) accounting for the rest. Deribit does not have a presence in the United States, with its website inaccessible in the country from February 5. The departure from the country is coming off the back of increased pressures of international sanctions.
Russian crypto industry set to undergo changes
According to a Bloomberg post in August, Russia was making strides in the crypto industry, trying to implement crypto on and offramps using the National Payment Card System’s Mir card. The system is owned by the Bank of Russia and is fully regulated. Bloomberg also mentioned that Finance Minister Anton Siluanov mentioned that the country was looking at legalizing crypto exchanges.
The minister also mentioned that the country was looking to set up crypto trading programs at the Moscow Exchange and the St. Petersburg Currency Exchange. In December 2024, the central bank instituted measures to crack down on over-the-counter trading days after President Vladimir Putin endorsed crypto and hinted at a use for international trade.