Crypto Exchanges Banned in Russia: What You Need to Know
When the Russian government banned crypto exchanges, online platforms that let users buy, sell, or trade cryptocurrencies like Bitcoin and Ethereum. Also known as centralized crypto trading platforms, they were shut down because regulators feared loss of financial control and money laundering risks. This wasn’t just a warning — it was a legal cutoff. Any exchange operating inside Russia without a license from the Central Bank became illegal overnight. That includes giants like Binance, Kraken, and Bybit, even if they never had a Russian office. The rule applies to anyone offering services to Russian residents, no matter where the company is based.
What’s more, crypto regulation, the set of laws and policies governments use to control digital assets. Also known as cryptocurrency oversight, it in Russia is built around one idea: state control. The government doesn’t want citizens bypassing the ruble or moving money out of the country without oversight. That’s why they made it illegal for banks to process crypto payments and forced all transactions through licensed VASPs, Virtual Asset Service Providers, which are companies approved by Russian authorities to handle crypto. Also known as regulated crypto intermediaries, these are few, slow, and tightly monitored. Most ordinary users don’t use them — they just use peer-to-peer apps like LocalBitcoins or Telegram groups to trade directly with each other.
The ban didn’t stop Russians from trading — it just moved it underground. Today, millions still hold Bitcoin, Ethereum, and other coins. They use foreign exchanges with VPNs, buy crypto from individuals, or convert it to stablecoins like USDT to protect savings from inflation. But the risks are real: accounts get frozen, payments get reversed, and scams are everywhere. There’s no legal recourse if you lose money on an unlicensed platform. And if you’re caught using an illegal exchange, you could face fines or even criminal charges.
This isn’t just about politics — it’s about survival. With Western sanctions cutting off access to global banking, crypto became a lifeline for many Russians. But the government’s crackdown means you can’t rely on familiar tools anymore. You need to know what’s allowed, what’s dangerous, and how to stay safe. Below, you’ll find real reviews and breakdowns of platforms that Russians actually use, scams to avoid, and how the rules are changing — even if the law says you shouldn’t be doing this at all.