Crypto Exchanges Banned in Russia: Current List and Why They’re Blocked

When people ask about crypto exchanges banned in Russia are the platforms that the Russian government has blocked or restricted due to regulatory or sanctions reasons, the answer isn’t a simple yes‑or‑no list. The landscape shifts with new laws, sanctions, and court orders.

Quick Takeaways

• Russia does not ban all foreign exchanges, but it blocks any platform that fails to meet strict KYC, AML, or sanctions‑compliance rules.
• BestChange was temporarily blocked in 2023 and re‑opened in 2025 after removing ruble‑based listings.
• Garantex was shut down in 2025 following US‑led sanctions and a multi‑country seizure operation.
• Grinex, a spin‑off of Garantex, remains on the OFAC sanctions list.
• Major Western exchanges (Binance, Coinbase, Kraken) operate under heavy practical restrictions rather than an explicit ban.

Regulatory Background in Russia

The Russian approach to crypto has evolved from vague uncertainty to a structured framework. A July2020 law legalized cryptocurrency transactions but explicitly barred their use for domestic payments, effective January2021. In summer2024, amendments allowed crypto payments for international trade, creating a loophole for companies dealing with foreign partners.

Key institutions driving enforcement are the Bank of Russia the central bank that sets compliance standards for financial institutions and crypto platforms and Roskomnadzor the federal service responsible for monitoring and blocking non‑compliant internet resources. Their combined toolkit includes:

• Mandatory KYC and AML reporting for all crypto‑related activities.
• Prohibited use of Russian banking infrastructure for crypto transactions.
• Lists of restricted websites that can be blocked at the ISP level.
• Heavy penalties for platforms facilitating sanctions evasion.

Since October2025 Deputy Finance Minister Ivan Chebeskov announced an experimental national crypto infrastructure, the trend is moving toward a state‑controlled ecosystem rather than a blanket prohibition.

Exchanges That Have Been Explicitly Banned or Blocked

Below are the platforms that have faced formal bans, court orders, or prolonged blocks within Russian jurisdiction.

BestChange

BestChange a cryptocurrency aggregation platform that was temporarily blocked in 2023 and re‑opened in 2025 after regulatory adjustments was forced to remove ruble‑based foreign exchange information and stop listing certain foreign payment systems. After a review by Roskomnadzor, the site was taken off the restricted list in early 2025.

Garantex

Garantex a Russian‑based exchange sanctioned by the United States in 2022 for facilitating sanctions evasion officially ceased operations in spring2025 following a coordinated raid by the U.S. Secret Service, German, and Finnish authorities. The operation seized the domain and froze more than $26million in crypto assets. Despite the shutdown, investigators have traced a decentralized money‑laundering network that continues under various entities in the UAE, Brazil, and other jurisdictions.

Grinex

Grinex a spin‑off exchange created by former Garantex staff that inherited its user base and was placed on the OFAC sanctions list is targeted by the U.S. Treasury for the same sanctions‑evasion activities that led to Garantex’s downfall. It remains inaccessible to Russian users who are subject to the same AML/KYC restrictions.

Exved (Payment Service)

Exved a payment service linked to the former Garantex infrastructure, marketing itself as a crypto exchange for importers and exporters operates out of Moscow’s International Business Center. While not officially banned, it is closely watched by regulators because of its ties to sanctioned entities.

International Exchanges Facing Practical Restrictions

Western platforms such as Binance the world’s largest crypto exchange, which faces payment‑processing limits in Russia, Coinbase a leading U.S. exchange that cannot use Russian banks for fiat conversions, and Kraken a U.S. exchange restricted by sanctions and banking obstacles are not on an official banned list, but they are effectively blocked for Russian residents because:

• Russian banks refuse to process crypto‑related payments.
• Sanctions make it risky for these firms to provide services to Russian IP addresses.
• Compliance teams often disable Russian accounts pre‑emptively.

Users typically resort to P2P services or VPNs to access these platforms, which raises additional AML concerns.

Comparison Table of Banned and Restricted Exchanges

How Russian Regulators Enforce the Bans

Roskomnadzor maintains an up‑to‑date list of blocked URLs. When a site appears on that list, ISPs are required to redirect traffic to a warning page. The Bank of Russia issues methodological bulletins that force banks to refuse any transaction linked to non‑compliant crypto services. Together, they can shut down an exchange’s operations within days of a compliance breach.

Enforcement tools include:

1. IP blocking and DNS filtering by major telecoms.
2. Legal orders demanding the removal of non‑Russian payment‑system links.
3. Heavy fines for financial institutions that fail to report suspicious crypto activity.
4. Criminal investigations against exchange executives who facilitate sanctions evasion.

Staying Safe: What Users Can Do

If you live in Russia and want to trade crypto without running into legal trouble, follow these practical steps:

• Use exchanges that are explicitly approved for “especially qualified” investors, such as the state‑run platform under development (expected rollout in 2026).
• Verify that the platform complies with the Bank of Russia’s KYC/AML guidelines - look for Russian‑registered legal entities and clear licensing information.
• Avoid services that list ruble‑based fiat pairs unless they are registered with the Central Bank.
• Consider local P2P marketplaces that implement escrow and have a solid audit trail, but be aware that these are under increased Roskomnadzor scrutiny.
• If you must use a foreign exchange, use a reputable VPN and withdraw funds to a personal crypto wallet, not to a Russian bank account.

Future Outlook for Crypto Exchanges in Russia

Deputy Finance Minister Chebeskov’s experimental crypto framework signals that the government wants to keep crypto activity inside a controllable sandbox. This could mean:

• More state‑backed exchange services for qualified investors.
• Stricter licensing for any foreign platform wanting a Russian legal presence.
• Potential for a sovereign digital ruble that will further limit the usefulness of independent exchanges.

Meanwhile, sanctions tied to the Ukraine conflict will keep many Western exchanges on the defensive, and any new crypto‑related venture will need to align tightly with Russian financial law.