Deribit to Cease Services for Russian Clients in Compliance with Sanctions

The cryptocurrency options platform Deribit announced it will cease servicing Russian citizens and residents, with certain exceptions. 

Under the new rules, the platform will restrict access for:

• Russian citizens, unless they are also citizens of a European Economic Area (EEA) country or Switzerland, or reside there;
• individuals residing in Russia who do not hold citizenship of an EEA country or Switzerland;
• all legal entities registered in Russia without exception.

From February 17, accounts of the listed categories will be switched to reduce-only mode, allowing them only to close existing positions.

On March 29, the platform will forcibly close all remaining positions. Asset withdrawals will remain available.

Registered in the Netherlands, Deribit is subject to EU sanction restrictions. 

According to journalist Colin Wu, Russian traffic on the exchange last year averaged 8%.

In 2024, Deribit’s trading volume grew from $608 billion to $1.19 trillion (+95% year-on-year), surpassing the peaks of three years ago.