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Derivates Exchange Deribit Exits Russian Market Amid EU Sanctions
Deribit has officially announced its departure from the Russian market due to sanctions imposed by the European Union. The crypto exchange, which operates under Dutch regulations, stated that it can no longer offer services to Russian nationals and residents unless they meet specific conditions.
According to recent reports, these exceptions include Russian citizens who also hold citizenship in an EEA member country or Switzerland or those who permanently reside in these regions. For instance, Russians living in Ireland or Danish nationals can still access Deribit’s services. However, those residing in the UAE remain restricted. Furthermore, the exchange clarified that Russian companies are entirely excluded from its services.
The decision to leave the Russian market comes amid mounting international sanctions imposed on Russia following its conflict with Ukraine. The sanctions significantly harmed the country’s economy, while foreign banks became increasingly cautious about handling Russian payments to avoid breaching sanction laws. Its cryptocurrency sector has been significantly influenced by sanctions, with digital assets becoming widely adopted as a way to evade restrictions. Even government officials supported this approach at last year’s BRICS Summit.
Finance Minister Anton Siluanov previously confirmed that Russian companies have begun leveraging Bitcoin and other cryptocurrencies for cross-border transactions. This followed the enactment of a law signed by President Vladimir Putin, which was introduced last year. However, it continues to ban the use of cryptocurrencies for transactions within Russia.
While Deribit had previously operated in Russia despite US-imposed sanctions, the introduction of fresh EU restrictions led the exchange to alter its policies.
Source: cryptopotato.com
