Several major cryptocurrency exchanges have restricted services for users in Russia and Belarus, forcing withdrawals within 3 days and closing accounts.

Actions by exchanges

Bitget stopped serving users from Russia and Belarus and permitted withdrawals for only 3 days, after which some positions were closed forcibly.

Reasons for the restrictions

• European Union sanctions prohibit EU companies from providing crypto services to Russians; Bitget has applied for a European licence and is under regulator review.
• Operating in Russia requires a local licence, and entering the market officially risks exposure to secondary sanctions from foreign authorities.
• From 01.07.2027 peer-to-peer transactions between individuals, such as card ruble payments for USDT, will be prohibited under the new rules.

Other platforms and market access

Binance withdrew in 2023, and direct ruble deposits are already unavailable on Bybit, OKX and KuCoin, limiting onramps for Russian users.

Bybit remains the last major venue with significant Russian traffic, accounting for about 27% of its visits, but selective account freezes have increased and experts call its exit a matter of time.

Recommendations for users

• After receiving a service-termination notice, immediately close active positions and withdraw assets to avoid forced returns via support procedures.
• Export the full transaction history in advance, since access may be blocked after account suspension and records are needed for new platforms and tax reporting.

Market outlook

Experts predict the legal crypto market will shrink to banks and services listed in the central bank registry, becoming narrower and more expensive, and significant turnover may move offline.