Crypto exchange Deribit is making a big move – it’s cutting off access to Russian users. The reason? Strict European Union (EU) sanctions that the Dutch-owned platform must follow. This means Russian nationals and residents can no longer trade on Deribit, unless they meet specific exceptions.
But what does this mean for affected traders? Who can still access the platform, and what happens to existing accounts? Here’s everything you need to know.
“Due to EU sanctions against Russia, Deribit is no longer able to accept Russian nationals and Russian residents as its clients, unless an exception applies. Since Deribit’s parent company is Dutch, these EU sanctions are relevant to us,” the crypto exchange noted.
Deribit has placed strict restrictions on Russian users, but some exceptions apply:
For example, a Russian citizen living in Ireland or holding Danish nationality can still use Deribit. However, Russians living in the UAE remain banned. Additionally, Russian companies are not eligible for exceptions and cannot use the platform.
In an email to clients, Deribit outlined a timeline for affected accounts:
Founded in the Netherlands in 2016, Deribit relocated to Panama after the EU introduced stricter anti-money laundering (AML) rules in 2020. These new regulations made compliance more complex and expensive for crypto platforms.
Deribit has stated that it supports open access to crypto markets but found the EU’s regulations too restrictive. As a result, it moved to a more favorable regulatory environment.
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