Deribit Bans Russian Crypto Users to Comply with EU Sanctions

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.

Who Can Still Use Deribit?

Deribit has placed strict restrictions on Russian users, but some exceptions apply:

• Russian nationals who also have citizenship in an EEA (European Economic Area) member country or Switzerland.
• Russian nationals with permanent residency in an EEA country or Switzerland.

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.

Russian Accounts Enter “Reduce-Only Mode”

In an email to clients, Deribit outlined a timeline for affected accounts:

• February 17, 2025 – Russian accounts will be placed in “reduce-only mode,” meaning users can only close existing positions but not open new ones.
• March 29, 2025 – All open positions will be closed automatically.
• Withdrawals Unaffected – Users can still withdraw their funds without restrictions.

Why Did Deribit Move to Panama?

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.