The cryptocurrency exchange Deribit has officially announced its departure from the Russian market due to sanctions imposed by the European Union. Learn more about the reasons and potential consequences in our article.
Reasons for Deribit's Exit
Deribit, operating under Dutch regulations, has stated that it can no longer offer services to Russian nationals and residents unless they meet specific conditions. Exceptions include individuals who also hold citizenship in an EEA member country or Switzerland or those who permanently reside in these regions.
Impact of Sanctions on the Crypto Market
The sanctions imposed on Russia have significantly affected its economy, including the cryptocurrency sector. Russian companies are increasingly leveraging digital assets for bypassing restrictions, including the use of Bitcoin for international transactions. However, the use of cryptocurrencies for domestic transactions in Russia remains banned under the law signed by President Vladimir Putin.
Future of Deribit and Its Plans
Despite the imposed restrictions, Deribit continues to adapt to market changes. The exchange was previously forced to alter its policies due to new EU regulations and made the decision to relocate to Dubai in 2023. However, even in Dubai, the service remains unavailable to Russians residing in the UAE.
Deribit's decision to exit the Russian market underscores the seriousness of EU sanction measures and their impact on international cryptocurrency companies. While cryptocurrencies are becoming an alternative for bypassing sanctions, their use remains limited in Russia at the legislative level.
