Deribit Exits Russia Amid EU Sanctions, Limits Access for Russian Nationals
Deribit Crypto Exchange announced its withdrawal from Russia, a statement posted on its website, according to EU sanctions. As a platform owned by the Netherlands, Deribit must comply with EU sanctions. Unless there are exceptions, the exchange will no longer accept Russian nationals or residents as clients.
“Dibit is no longer able to accept Russian nationals and Russian residents as its customers due to EU sanctions on Russia unless applicable. Since Deribit’s parent company is a Dutch, these EU sanctions are related to us,” Crypto Exchange Famous.
Deribit restricts access to its Russian national platform due to EU sanctions. Russian nationals can only use the exchange’s services among citizens of EEA member states or Switzerland, or if they have permanent residence in one of the countries.
deribit restricts Russian access: Some residents can use the platform
For example, Russian nationals living in Ireland or also a Denis national can use the deribit service. However, Russians living in the UAE are still prohibited from using the platform. Additionally, the exchange is not an exception for Russian companies, meaning they also have no access to Deribit’s services.
The email from Deribit to clients explained that Russian accounts will enter a “reduction-only mode” starting from February 17, 2025, meaning traders can only close positions or place new orders to reduce risk. All open positions will be closed on March 29, 2025, but there are no restrictions on withdrawing assets.
Deribit was originally founded in the Netherlands in 2016 and is now located in Panama. The move follows the 2020 EU Directive, which requires crypto platforms to identify customers through new strict anti-finishment (AML) rules.
Deribit said in a statement that they believe everyone should enter the cryptocurrency market. They found that the new regulations imposed by the EU were too restrictive and expensive for many traders. As a result, they chose to turn to a more favorable regulatory environment.
