Deribit derivative exchanging out of the Russian market amid European Union sanctions

Deribit has officially announced its departure from the Russian market due to the sanctions imposed by the European Union. The exchange of encryption, which works under the Dutch regulations, stated that it can no longer provide services to the Russian citizens and population unless they fulfill specific conditions.

These exceptions include Russian citizens who also have citizenship in a member country in the European Economic Zone or Switzerland or those who are permanently residing in these areas. For example, the Russians who live in Ireland or Danish citizens still can reach Deribit.

However, residents of the United Arab Emirates remain bound. Moreover, the Stock Exchange made it clear that Russian companies are completely excluded from their services, according to the last TSS. a report.

Russia’s conflict with Ukraine cut off its banks from the rapid payment system, which prevents it from facilitating international transactions and financing global trade. The sanctions have greatly damaged the country’s economy, while foreign banks have become increasingly cautious about dealing with Russian payments to avoid the violation of sanctions laws.

The coded currency sector has been greatly affected by sanctions, as digital assets are widely approved as a way to evade restrictions. Even government officials supported this approach at the Brex Summit last year.

Finance Minister Anton Silwanov previously confirmed that Russian companies have started benefiting from Bitcoin and other cryptocurrencies across the border transactions.

After that, the enactment of a law signed by President Vladimir Putin, which was submitted last year. However, it still prohibits the use of cryptocurrencies for transactions inside Russia.

While Deribit was previously working in Russia despite the sanctions imposed by the United States, the introduction of the new European Union restrictions has changed its policies. The company dealt with various organizational challenges over time, which was a major factor in its decision in 2023 to move to Dubai. However, the Russians who live in Dubai remain prohibited from registration on the platform.