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 the sanctions imposed by the European Union (EU).
As a company registered in the Netherlands, Deribit is obliged to comply with EU regulations, which now prohibit the platform from serving Russian nationals and residents, unless under specific conditions.
With immediate effect, Russian nationals and residents are no longer able to access 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 who resides in Ireland or holds dual citizenship with Denmark is allowed to use Deribit’s services.
Conversely, Russian nationals residing in non-EEA countries, such as the United Arab Emirates, are not eligible for these exceptions. Moreover, 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 itself with these sanctions, which reflects the broader trend of cryptocurrency exchanges adjusting their operations to comply with international regulatory frameworks.
Deribit Witnessed $1.1 Trillion in Trading Volumes in 2024
According to Deribit’s year-end report, the company saw a trading volume of $1.1 trillion in 2024, showing a 95% year-over-year increase from $608 billion in 2023.
Deribit CEO Luuk Strijers attributed this surge to increased activity throughout the year, particularly during the fourth quarter.
According to CCData’s latest market report, December marked a significant milestone for centralized crypto exchanges, as it achieved the highest combined spot and derivatives trading volume ever recorded.
