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Deribit to Exit Russia as EU Sanctions Tighten: Trading Restrictions Begin Feb. 17
Deribit, a prominent cryptocurrency derivatives exchange, has announced its decision to cease operations in Russia due to the tightening of European Union (EU) sanctions. This move comes after the EU imposed stricter regulations on Russian nationals and residents following their invasion of Ukraine in 2022.
Starting February 17, Deribit will restrict Russian accounts to “reduce-only” mode, allowing users to close existing positions but not open new ones. By March 29, all remaining open positions will be forcibly closed. Withdrawals from the platform will continue to be available throughout this period.
The decision comes as a result of EU sanctions prohibiting EU-based cryptocurrency companies from providing services to Russian residents unless they hold European Economic Area (EEA) or Swiss citizenship or residency. Failure to comply with these regulations could result in severe penalties for individuals and corporations, including fines and imprisonment.
Deribit’s move follows similar decisions by other major crypto platforms, such as Binance, which exited Russia last year due to the same restrictions. As regulatory pressure continues to increase, it is possible that more exchanges may be forced to follow suit.
Impacted Russian users are advised to review their accounts and close positions before March 29 to avoid any potential losses or disruptions. The exchange also recommends monitoring updates for any additional regulatory changes that may affect their trading activities.
In this context, Deribit’s exit from Russia highlights the growing impact of EU sanctions on the global crypto market. As the situation continues to unfold, it remains essential for investors and traders to stay informed about any new developments in order to protect their interests.
Source: https://www.crypto-news.net/deribit-to-exit-russia-as-eu-sanctions-tighten/
