Bybit Crypto Exchange follows Revolut Bank in imposing restrictions on Russians
2 November 11:17
Cryptocurrency exchange Bybit has followed Revolut Bank in imposing restrictions on Russians. According to OhMySwift, the European division of the platform – Bybit EU – has suspended the opening of accounts for Russian citizens, including those with a residence permit in the EU, "Komersant Ukrainian" reports.
The new rules also affected existing customers. According to the channel, one of the users, previously registered with the Dutch division of Bybit NL, was denied re-verification after the transfer to the jurisdiction of Bybit EU. In response to the request, the support service explained that the updated policy provides for restrictions on citizenship, not residence. Citizens of Afghanistan, Belarus, Iran, North Korea, Syria, Sudan, and Sudan are also subject to a similar ban.
On November 1, digital bank Revolut began closing accounts of Russian clients who do not have European citizenship or residence permits. The users received two notifications: first, the bank requested a copy of the residence permit, and then informed them of the account closure, after which it became impossible to provide the documents. Some Russian clients received assurances that the restrictions would not affect them at least until the end of December this year. Revolut said that as a globally regulated financial institution, the bank is obliged to comply with the sanctions rules of the UN, EU, UK, US and other jurisdictions.
Bybit EU is the European division of the international crypto exchange Bybit, established to operate in the European Economic Area. The platform received an Austrian license under the MiCAR regulation, which allowed it to expand its operations to 29 EEA countries and provide access to regulated crypto services to more than 450 million European users. The list of services includes custody of crypto assets, exchange operations and transfers in compliance with European regulatory requirements.
Revolut was founded in 2015 by Russian Nikolai Storonsky and Ukrainian Vlad Yatsenko. After British authorities expressed concerns in May 2022 about Storonsky’s ties to Russia, he renounced his Russian citizenship in October of the same year. The company has held a banking license from the Bank of Lithuania since 2018, has its headquarters in London, and was authorized to operate in the UK in the summer of 2024. Since 2022, Revolut has stopped registering new clients with Russian citizenship without European residency and has restricted transfers to Russia.
the 19th package of EU sanctions against Russia, which came into effect on October 23, includes restrictions against Russian banks and crypto exchanges. The package also includes a reduction in the price ceiling for Russian oil to $47.6 per barrel, restrictions on the Mir payment system, a ban on transactions with Rosneft and Gazpromneft, sanctions against 118 vessels used to transport Russian oil, and a ban on imports of Russian LNG.
