Deribit to exit Russian market, blames EU sanctions

The derivatives of cryptocurrency derivatives close its services to Russian users to comply with the sanctions of the European Union.

The company, whose headquarters is in the Netherlands, has announced that it would apply commercial restrictions beginning February 17, with full account closures set for March 29.

In an opinion poster February 5, Derivatives said that Russian nationals and residents would no longer be able to access its platform unless they comply with specific exceptions.

Russian users living in European economic countries or Switzerland will always be allowed to trade. However, Russian nationals living in non-EEE countries, as well as Russian companies, are entirely linked to the use of exchange.

EU sanctions against Russia

This decision follows the current financial sanctions in the EU against Russia. Users affected by the restrictions will be placed in the “reduction only” mode, allowing them to close the existing positions but to prevent new professions.

Withdrawals will remain available even after the final closure date.