Deribit Shuts Down Services for Russian Users Amid EU Sanctions

Cryptocurrency derivatives exchange Deribit is ceasing its services for Russian users to comply with the European Union’s financial sanctions against Russia. The Netherlands-based company announced that it will enforce trading restrictions starting February 17, with full account closures set for March 29.

Exceptions and Restrictions

According to Deribit’s notice posted on February 5, Russian nationals and residents will no longer be able to access the platform unless they meet specific exceptions. Russian users residing in European Economic Area countries or Switzerland will still be permitted to trade. However, Russian nationals living in non-EEA countries, as well as Russian businesses, are entirely restricted from using the exchange.

Impact on Affected Users

Users impacted by the restrictions will be placed on “reduce-only” mode, allowing them to close existing positions but preventing new trades. Deribit has assured that withdrawals will remain available even after the final closure date.

Background on EU Sanctions

The decision follows the EU’s ongoing financial sanctions against Russia, aimed at limiting the country’s access to the global financial system. Deribit’s move is a response to these sanctions, demonstrating the company’s commitment to compliance with regulatory requirements.

Cryptocurrency investors and traders should be aware of the potential implications of EU sanctions on their activities. To stay informed about the latest developments in the cryptocurrency market, follow Global Crypto News for updates and analysis.

“… the company’s decision to shut down services for Russian users is a response to the EU’s financial sanctions against Russia.”

Deribit’s decision highlights the importance of regulatory compliance in the cryptocurrency industry. As the market continues to evolve, it is essential for investors and traders to stay informed about the latest regulatory developments and their potential impact on the market.

Tips for Cryptocurrency Investors:

  • Stay informed about regulatory developments and their potential impact on the market.
  • Understand the implications of EU sanctions on your trading activities.
  • Consider diversifying your investment portfolio to minimize potential risks.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

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