What it means for crypto traders

The derival of the exchanges of cryptographic derivatives has officially withdrew from the Russian market due to new sanctions imposed by the European Union. The company, based in the Netherlands, has announced that it could no longer provide services to Russian citizens and residents unless they meet specific conditions. Russians with double citizenship in a country of the EEA or Switzerland, or those who live there permanently, can still use drunken. However, the Russians living in water and all Russian companies are prohibited from the platform.

In their declaration, Deribe says It follows the EU rules which prohibit European cryptography companies to serve citizens or Russian companies after the invasion of Ukraine by Russia according to the report. In addition, the company estimates that the cryptography market should be open to everyone, and that the new regulations of Russia remove this freedom from Russian citizens, making it an expensive business for merchants. Consequently, they move to opt for a more favorable regulatory environment.

Why Russia is based on crypto

Since the conflict with Ukraine, Russia has been struck by heavy international sanctions. The country has even been cut off from the rapid system, which makes it difficult to treat international payments. As a bypass solution, Russian companies have turned to cryptocurrencies like Bitcoin for cross-border transactions. The Minister of Finance, Anton Soluanov, confirmed this strategy, and even the representatives of the government supported it at the Summit of the BRICS from last year. However, the use of crypto for payments in Russia is still prohibited.

What is the next step for Russian merchants?

Deribit would have previously operated in Russia despite American sanctions, but the new EU rules have left the business as a choice than to leave. In addition, by following the rule, the exchange will no longer work in Russia. From February 17, new professions will be blocked and, on March 29, full access will be revoked.

In 2023, Deribit moved its operations to Dubai to better manage regulatory pressures. However, the Russians living in Dubai are not allowed to register on the platform.

The departure of Deribit is a big problem because it shows how the exchanges of global crypto feel the warmth of geopolitical tensions. For Russian merchants, this means fewer options to access the main cryptography platforms, which makes navigation in the international financial system more difficult. However, this decision could affect the deribit operations more than the Russian cryptography market.

Potential migration to alternative platforms

With the exit of the drunkenness, Russian merchants are likely to search for alternative platforms. Many can move to decentralized exchanges (DEX) like Uniswap and Dydx, which are more difficult to regulate. Centralized exchanges that are not bound by EU regulations, such as OKX, Bybit, and certain offshore platforms, could also see an influx of Russian users. Monitoring changes in trading volumes on these platforms could provide information on the cryptographic strategy of Russia after the derivates.

Future sanctions and regulatory uncertainty

The EU’s decision to enforce these sanctions raises the question of whether other major exchanges will follow suit. Will Binance, Parbit or other major exchanges take similar measures? If more platforms are withdrawn, Russian traders could be pushed even further in DEFI solutions and peer trading (P2P).

The role of Dubai as a crypto center

Dubai positioned itself as a large world cryptography center, but the prohibition of deribit on Russian users, even after the move, it suggests a position of tightening. If Dubai imposes more strict rules on Russian merchants, other exchanges based on water could cope with similar pressures. This could have an impact on the attractiveness of Dubai as a friendly jurisdiction of crypto for Russian investors.

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BRICS AND CRYPTO alternatives

Russia has explored financial alternatives supported by BRICS, including a potential digital currency BRICS. China, India and Brazil showing an increased interest in payment solutions based on cryptography, Russia can move to collaborations in the BRICS framework to bypass Western restrictions. It remains to be seen how it has an impact on the global adoption of cryptography.

Impact on the position of the deribit market

By cutting Russian merchants, the risks derive the risks of losing a large part of its user base and its trading volume. Will this decision weaken the position of deribit against competitors who continue to serve Russian customers? The long -term effects on its liquidity and competitiveness should be watched closely.

While geopolitical tensions continue to shape the cryptographic landscape, the coming months reveal whether the deribit exit is a punctual case or a sign of a broader discussion of exchanges of Russian users.