Deribit is a crypto exchange based in Dubai, owned by a Dutch company. The new EU sanctions require it to comply with regulations that prohibit trading with Russian nationals. Despite being the second-largest user group on Deribit, Russians are facing stronger competition from local exchanges.

The sanctions highlight the resilience of decentralized finance as alternatives for users in Russia. While the exchange may suffer economically, Russian engagement with cryptocurrencies continues, showcasing their utility in bypassing financial restrictions.