Cryptocurrency exchange Bybit has begun freezing accounts of Russian traders en masse, affecting dozens of users and several professional market participants.

Scope and scale of account freezes

Over recent weeks, tens of Russian customers reported sudden account freezes without clear explanations, with many discovering the restriction only after attempting withdrawals.

Reported blocked balances reach 500,000 USDT in individual cases, equivalent to ₽47,500,000, according to affected users’ statements.

Claims by affected traders

Several users assert their funds were verified as legitimate and had previously passed platform checks, but Bybit did not restore access after those confirmations.

Customer-support replies were apparently limited to standard templates, citing resolution windows from 48 hours to 30 days, while many traders report no responses since the start of March.

Legal and jurisdictional obstacles

Bybit currently lacks official offices in the Commonwealth of Independent States, which participants say complicates filing lawsuits or filing formal claims against the exchange.

Legal advisers note that the platform’s minimal cooperation with Russian law enforcement makes recovering funds via official legal requests practically infeasible in many cases.

Practical implications for market participants

The freezes have affected both retail traders and professional market participants, creating uncertainty over capital access and risk management for those active on the platform.

Market participants seeking recovery are advised to document communications and transaction histories, while pursuing legal counsel for jurisdiction-specific options.