The cryptocurrency options platform Deribit has announced that it will stop serving Russian citizens and residents, with some exceptions.

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

Russian citizens who are not simultaneously citizens of an EEA (European Economic Area) country or Switzerland, or who do not reside there;
Individuals living in Russia who are not citizens of an EEA country or Switzerland;
All legal entities registered in Russia, without exception.

Starting February 17, accounts of the affected users will be switched to a reduce-only mode. They will only be able to close existing positions.

On March 29, all remaining positions will be forcibly closed. However, asset withdrawals will remain possible.

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

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

It is worth noting that by the end of 2024, Deribit’s trading volume grew from $608 billion to $1.19 trillion (+95% YoY), surpassing the three-year-highs.