Deribit Bans Russian Users Following New EU Sanctions

Deribit has banned Russian users due to new EU sanctions, affecting its second-largest user group. The exchange, based in Dubai under a Dutch parent company, stated that it can no longer accept Russian nationals or residents as clients, with exceptions for those holding European Economic Area citizenship or residency. Russian firms are completely prohibited from using the platform.

Key points:

Deribit withdraws from Russia while other exchanges remain active.
Sanctions have significantly affected Russia's crypto industry, which increasingly uses digital assets to circumvent financial restrictions.
U.S. Treasury continues to impose additional sanctions on platforms facilitating Russian transactions.
Deribit relocated to Dubai in 2023 but now restricts Russian expats from signing up.
Company is exploring a buyout by Kraken amid financial uncertainty.
Decentralized finance (DeFi) tools offer alternatives outside regulatory control.