What Crypto Exchanges Are Banned in Russia

Russia doesn’t ban all cryptocurrency exchanges outright. Instead, it picks and chooses which ones get blocked - and why. If you’re trying to figure out which platforms you can’t use in Russia, the answer isn’t simple. It’s not about the platform’s name alone. It’s about compliance, sanctions, and who’s running the show.

Garantex: The Exchange That Got Taken Down

Garantex was once Russia’s biggest crypto exchange. It handled billions in trades, mostly in rubles and stablecoins. But in 2022, the U.S. Treasury slapped it with sanctions for helping people bypass international financial restrictions. The real blow came in March 2025, when U.S. Secret Service agents, working with German and Finnish police, seized its website, froze over $26 million in crypto, and shut it down for good.

But Garantex didn’t disappear. It just changed its skin. Its core team moved operations underground, creating a new network that still runs inside Russia. The main front now? A company called Exved. It claims to be a payment service for importers and exporters. In reality, it’s Garantex’s ghost - same founders, same infrastructure, same purpose. Exved is registered in Moscow’s International Business Center, and it’s still moving crypto through Russia’s financial system, just under a different name.

Grinex: The Successor That Got Sanctioned Too

When Garantex got crushed, its users and funds didn’t vanish. They moved to Grinex - a new exchange created by former Garantex employees. It looked like a fresh start. But the U.S. Treasury saw right through it. In early 2025, Grinex was officially added to the sanctions list alongside Garantex. The Department of Justice unsealed indictments against two key figures: Aleksandr Mira Serda and Aleksej Besciokov. Besciokov was arrested in India. Mira Serda is still on the run. The U.S. State Department is offering up to $5 million for information leading to his capture.

Grinex didn’t just copy Garantex’s tech - it copied its entire customer base. And now, both are dead in the water. But their network? Still alive. They’ve spread out: UAE, Brazil, Thailand, Georgia, Hong Kong. Russia remains a key hub, not because the government supports them, but because enforcement is patchy and cash flows are hard to track.

Why Binance, Coinbase, and Kraken Aren’t Banned - But Still Can’t Operate

You’ll hear people say Binance and Coinbase are banned in Russia. That’s misleading. The Russian government hasn’t officially blocked them. Instead, they’re locked out by design.

Russian banks can’t process crypto payments. No bank account? No deposits. No withdrawals. No way to connect to international payment systems like Visa or Mastercard. That’s the real barrier. Even if you try to use Binance from Russia, your card gets declined. Your bank freezes your account. Your P2P trades get flagged as suspicious.

The Bank of Russia doesn’t want foreign exchanges in its backyard. It wants control. That’s why it’s building its own system - an experimental digital asset infrastructure that will let Russian citizens trade crypto, but only through state-approved channels. Until that’s fully rolled out, international exchanges are stuck on the outside looking in.

BestChange: The Platform That Got Unbanned

BestChange isn’t an exchange. It’s a price aggregator - like a Google Search for crypto rates. It showed users where to buy Bitcoin at the best rate across dozens of platforms, including Russian ones. In 2024, Roskomnadzor blocked it. Why? Because it listed foreign payment systems and currencies like the Kazakhstani tenge - things Russia didn’t want circulating.

But BestChange didn’t fight the ban. It adapted. It removed all ruble-based foreign currency data. It cut ties with banned payment processors. It worked with lawyers to meet the Bank of Russia’s exact requirements. By early 2025, Roskomnadzor removed it from the restricted list. BestChange is back online.

This is the key lesson: Russia doesn’t hate crypto. It hates uncontrolled crypto. If you play by its rules, you can stay in the game.

What Russia Actually Bans - And What It Lets Slide

Russia’s rules are clear, even if they’re confusing:

• Not allowed: Using crypto for everyday payments inside Russia (since 2021).
• Not allowed: Russian banks investing in or processing crypto.
• Not allowed: Exchanges that don’t enforce strict KYC and AML checks.
• Not allowed: Platforms linked to sanctions evasion - especially those tied to the war in Ukraine.
• Allowed: Crypto trading for qualified investors with high net worth (since 2024).
• Allowed: Crypto payments in international trade (since summer 2024).
• Allowed: Russian-controlled exchanges that follow state guidelines.

The government isn’t trying to stop crypto. It’s trying to own it. That’s why it’s testing a national crypto infrastructure - similar to China’s digital yuan. The goal? Control the flow, tax the profits, and keep foreign influence out.

How Russia Enforces the Rules

Roskomnadzor is the enforcer. It’s the agency that blocks websites. If an exchange gets flagged - for laundering, for bypassing sanctions, for not doing KYC - Roskomnadzor adds it to the list. Then, internet providers in Russia cut off access.

But it’s not just about blocking sites. The Bank of Russia sends out detailed guidelines to banks and payment processors. They’re required to monitor P2P trades. If someone sends $10,000 in USDT to a stranger every week? That’s a red flag. The bank reports it. The tax service investigates.

And here’s the twist: Russian citizens aren’t being arrested for using crypto. They’re being monitored. The system is designed to scare off bad actors, not punish ordinary users. As long as you’re not moving millions, you’re probably fine.

The Future: Russia’s Own Crypto System

On October 4, 2025, Deputy Finance Minister Ivan Chebeskov announced Russia is building its own crypto ecosystem. Not to ban it. Not to ignore it. To control it.

This isn’t a rumor. It’s official policy. The Bank of Russia is working with tech firms and financial institutions to create a legal, regulated, state-monitored crypto environment. Think of it as a digital ruble for crypto trades - with built-in tracking, limits, and reporting.

Once this system launches, Russian users won’t need foreign exchanges. They’ll trade on a government-approved platform. The old bans won’t matter anymore. Because the old system will be obsolete.

Until then? Stick to exchanges that are Russian-run and compliant. Avoid anything tied to Garantex, Grinex, or any platform that still lists foreign payment options. And don’t assume international exchanges are safe - they’re just not allowed to play.

What You Should Do Right Now

If you’re in Russia and want to trade crypto:

1. Check if the exchange is listed on Roskomnadzor’s blocked sites. Search for it in Russian - заблокированные сайты Роскомнадзора.
2. Avoid any exchange that accepts payments from Western cards or PayPal. Those are dead ends.
3. Look for platforms that use Russian payment systems like Sberbank, Tinkoff, or Qiwi - but only if they’re clearly registered in Russia.
4. Stay away from any exchange that still has Garantex or Grinex branding, or any links to former employees.
5. Don’t trust P2P deals with strangers. They’re high risk and easy to trace.

The safest path? Wait for Russia’s own system to launch. It’s coming. And when it does, it’ll be the only one that’s truly legal - and the only one that won’t get shut down tomorrow.