Deribit Exits Russian Market Due to EU Sanctions: Report
According to a report by TASS, Deribit, a leading global crypto derivatives exchange, announced on Thursday that it is withdrawing from the Russian market in response to sanctions imposed by the European Union (EU).
As a Dutch-registered company, Deribit is obliged to comply with EU regulations, which now prohibit the platform from serving Russian nationals and residents, unless under specific conditions.
Effective immediately, Russian nationals and residents are prohibited from accessing Deribit’s services unless they meet certain exceptions.
These exceptions include individuals who hold dual citizenship with a country in the European Economic Area (EEA) or Switzerland, or who permanently reside in an EEA member state or Switzerland.
For example, a Russian national residing in Ireland or holding dual citizenship with Denmark is allowed to use Deribit’s services.
On the other hand, Russian nationals residing in non-EEA countries, such as the United Arab Emirates, are not eligible for these exceptions. Additionally, no exemptions are granted to Russian corporate entities.
Background, Broader Sanctions Landscape, and Implications
The EU’s sanctions against Russia have resulted in increased scrutiny and restrictions on financial services involving Russian clients.
By exiting the Russian market, Deribit is aligning with these sanctions, reflecting the wider trend of cryptocurrency exchanges adjusting their operations to comply with international regulatory frameworks.
Deribit Witnessed $1.1 Trillion in Trading Volumes in 2024
In 2024, Deribit reported a trading volume of $1.1 trillion, representing a 95% year-over-year increase from $608 billion in 2023.
In the company’s year-end report, Deribit CEO Luuk Strijers attributed the surge to increased activity throughout the year, especially during the fourth quarter.
According to CCData’s latest market report, December marked a historic milestone for centralized crypto exchanges, achieving the highest combined spot and derivatives trading volume ever recorded.
