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Deribit Exits Russian Market Amid EU Sanctions: What It Means for Crypto Traders
The exchange has been forced to abandon the Russian market due to the new EU rules, which have left it with no other choice but to exit. This move is significant because Deribit relocated its operations to Dubai in 2023 to better handle regulatory pressures. Nevertheless, the company still maintains a ban on Russian users even after its relocation.
Deribit has announced that new trades will be blocked from February 17, and by March 29, full access to its platform will be revoked for Russian clients. This decision is expected to have significant implications for crypto traders in Russia.
For Russian traders, this means that they will no longer have the option of accessing major cryptocurrency platforms like Deribit, making it more challenging for them to navigate the global financial system.
Deribit’s departure highlights how even international crypto exchanges are feeling the strain caused by geopolitical tensions. This move is likely to affect the platform more than the Russian crypto market itself.
