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Coinpaprika 2025-02-07 07:37:21

Deribit Bans Russian Users Amid New EU Sanctions

Deribit Bans Russian Users Amid New EU Sanctions

Deribit has announced a ban on Russian users due to new EU sanctions , despite being based in Dubai under a Dutch parent company. Russian traders make up the second-largest user group on the platform, but several other exchanges remain dominant in the country’s crypto market. While this decision aligns with EU regulations, it may impact Deribit more than Russia’s crypto sector . According to TASS , Deribit is fully withdrawing from Russia, with some exceptions. Russian-born individuals holding citizenship or permanent residency in the European Economic Area can still use the platform, but Russian firms are completely banned . Deribit issued a statement explaining its decision: “Due to EU sanctions against Russia, we can no longer accept Russian nationals or residents as clients, unless an exception applies. Since our parent company is Dutch, these sanctions affect us directly.” Sanctions have significantly influenced Russia’s crypto industry , with digital assets becoming a widely used tool to bypass financial restrictions. Russian officials have openly acknowledged crypto’s role in this strategy, as seen at last year’s BRICS Summit . However, the U.S. Treasury continues to tighten its grip by imposing additional sanctions on crypto platforms facilitating Russian transactions. Deribit previously operated in Russia despite U.S. sanctions, but the new EU measures forced it to change course. This is part of a broader regulatory struggle that led Deribit to relocate to Dubai in 2023. However, even Russians living in Dubai are now prohibited from signing up. This is not the exchange’s only challenge . Recently, Deribit was considering a buyout by Kraken , signaling possible financial uncertainty. Additionally, while the platform is popular in Russia, it ranks below several larger competitors in the country. These sanctions could ultimately harm Deribit more than Russia’s crypto market . The incident also highlights the growing importance of decentralized finance ( DeFi ) . While centralized exchanges must comply with international sanctions, DeFi provides alternative tools that remain outside direct regulatory control.

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