Oh, what a tangled web we weave when first we practice to deceive! 🕵️♂️ The crypto exchange Deribit has finally thrown in the towel and bid a fond farewell to the Russian market, all thanks to the European Union’s sanctions. 🇪🇺🚫 It seems that under Dutch regulations, Deribit can no longer offer its magical services to Russian nationals and residents unless they jump through a few hoops. 🤸♂️
But fear not, dear Russian citizens! If you happen to also be a citizen of an EEA member country or Switzerland, or if you’ve managed to plant your roots in these regions, you’re still in the clear. For instance, if you’re a Russian living in Ireland or a Danish national, you can still access Deribit’s enchanted world. 🍀🇩🇰
However, those residing in the UAE are out of luck. 🏝️ Moreover, Russian companies are completely off the radar, according to the latest TASS report. 📰 It’s a real bummer, isn’t it?
Now, let’s talk about the elephant in the room. Russia’s ongoing conflict with Ukraine has led to its banks being cut off from the SWIFT payment system. 🏦🚫 This means they can’t facilitate international transactions or finance global trade, which has left the country’s economy in a bit of a pickle. 🥒 The sanctions have made foreign banks extremely cautious about handling Russian payments, lest they find themselves on the wrong side of the law. ⚖️
Sanctions have had a profound impact on Russia’s cryptocurrency sector, with digital assets becoming a popular way to dodge restrictions. Even government officials endorsed this strategy at last year’s BRICS Summit. 🤝💰 Finance Minister Anton Siluanov even confirmed that Russian companies are now using Bitcoin and other cryptocurrencies for cross-border transactions. 🚀
This shift followed the enactment of a law signed by President Vladimir Putin last year. However, the law still bans the use of cryptocurrencies for transactions within Russia. 🚫 It’s a bit of a paradox, isn’t it? 🤔
While Deribit had previously operated in Russia despite US-imposed sanctions, the new EU restrictions were the final straw. The company has faced various regulatory challenges over time, leading to its 2023 decision to relocate to Dubai. 🌆 However, even Russians living in Dubai are not allowed to register on the platform. 🙅♂️
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2025-02-08 07:35