Deribit Restricts Russian Users Amid EU Sanctions—Withdrawals Remain Open
Deribit, a leading cryptocurrency derivatives exchange, has announced its exit from the Russian market due to European Union (EU) sanctions. Starting February 17, Russian users will be placed in “reduce-only” mode, allowing them to close existing positions but preventing them from opening new ones. By March 29, all remaining positions will be forcibly closed, though withdrawals will still be permitted.
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Compliance with EU Sanctions
In a February 5 statement, Deribit cited EU restrictions as the reason behind the decision. Since Deribit’s parent company is Dutch-based, it is legally required to comply with these sanctions. The company explained:
“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.”
The EU banned European crypto firms from serving Russian customers in response to Russia’s invasion of Ukraine. However, exceptions exist for Russians who are:
Citizens or permanent residents of an EEA (European Economic Area) member country or Switzerland.
By restricting Russian users, Deribit follows in the footsteps of Binance, which exited the market in 2023 due to similar regulatory pressure.
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Severe Penalties for Non-Compliance
EU regulations impose strict penalties for violations. Individuals who deliberately breach these sanctions could face a minimum of five years in prison. Additionally, companies could face fines of at least 5% of their global revenue or €40 million ($41.5 million), whichever is higher.
Read More: Robert Kiyosaki Predicts Bitcoin Crash Amid Trump’s Tariffs—Plans to Buy the Dip
As regulatory oversight intensifies, crypto exchanges operating under EU jurisdiction are being forced to take decisive action, reshaping global access to digital assets.
