Cryptocurrency derivatives exchange Deribit is shutting down its services for Russian users to comply with European Union sanctions. 

The company, headquartered in the Netherlands, announced that it will enforce trading restrictions beginning Feb. 17, with full account closures set for March 29.

In a notice posted on Feb. 5, Deribit stated that Russian nationals and residents would no longer be able to access its platform unless they meet specific exceptions. 

Russian users residing in European Economic Area countries or Switzerland will still be permitted to trade. However, Russian nationals living in non-EEA countries, as well as Russian businesses, are entirely restricted from using the exchange.

EU’s sanctions vs Russia

The decision follows the EU’s ongoing financial sanctions against Russia. Users impacted by the restrictions will be placed on “reduce-only” mode, allowing them to close existing positions but preventing new trades. 

Withdrawals will remain available even after the final closure date.