MMMCrypto Exchanges Leaving Russia: Causes and Consequences
Major cryptocurrency exchanges Bitget and MEXC have ceased services for users in Russia and Belarus. Bitget provided only three days to withdraw assets before positions were forcibly closed.
Main reasons for access restrictions
- EU sanctions prohibit European companies from providing crypto services to Russians; Bitget applied for a European license, which requires strict compliance with regulatory norms
- The lack of a local license in the Russian Federation makes official market entry meaningless due to the risk of secondary sanctions
- A complete ban on P2P transactions between individuals, including ruble-to-USDT exchanges, takes effect on July 1, 2027
Previously, Binance left the Russian market, and it is now impossible to directly fund accounts in rubles on Bybit, OKX, and KuCoin. According to experts, Russian users account for about 27% of Bybit's traffic. Since spring, the platform has begun selectively freezing accounts, and experts say its potential exit is just a matter of time.
Recommendations for preserving funds
- Immediately close all positions and withdraw assets as soon as you receive a notification about the block
- Download your full transaction history in advance, as access to it will be lost after the account is frozen
- The saved history will be required for reporting to the Federal Tax Service (FTS) and when switching to a new exchange
Experts predict that the legal cryptocurrency market will shrink to banks and services listed in the Central Bank registry. This will lead to specialized and expensive services, while a significant portion of turnover will shift to the shadow sector.
