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Journalist
Tanzeel Akhtar
Journalist
Tanzeel Akhtar
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Deribit, one of the leading crypto derivatives exchanges globally, announced on Thursday its withdrawal from the Russian market in response to sanctions imposed by the European Union (EU), according to a report by TASS.
As a Dutch-registered company, Deribit is obligated to comply with EU regulations, which now prohibit the platform from serving Russian nationals and residents, except under specific conditions.
Effective immediately, Russian nationals and residents are barred 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 instance, a Russian national residing in Ireland or holding dual citizenship with Denmark is permitted 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. Additionally, no exemptions are granted to Russian corporate entities.
Background, Broader Sanctions Landscape, and Implications
The EU’s sanctions against Russia have led to increased scrutiny and restrictions on financial services involving Russian clients.
By exiting the Russian market, Deribit aligns with these sanctions, reflecting the broader trend of cryptocurrency exchanges adjusting their operations to adhere to international regulatory frameworks.
Deribit Witnessed $1.1 Trillion in Trading Volumes in 2024
Deribit reported $1.1 trillion in trading volume in 2024, reflecting 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, particularly during the fourth quarter.
December marked a historic milestone for centralized crypto exchanges, achieving the highest combined spot and derivatives trading volume ever recorded, according to CCData’s latest market report.
