TL;DR
- Russia would block foreign crypto exchanges starting July 1, 2026.
- Regulators propose an “experimental regime” recognizing cryptoassets as currencies.
- At least one million Russians still use Binance despite its formal market exit.
Russia plans to potentially block access to foreign cryptocurrency exchanges as soon as it regulates crypto trading domestically by July 1, 2026, according to industry analysts. This aims to redirect an estimated $15 billion in annual commissions Russian users currently pay to platforms like Bybit, OKX, and Binance toward licensed domestic venues.
The Bank of Russia proposed an “experimental legal regime” for crypto transactions in spring 2025, then legalized crypto derivatives offerings to “highly qualified investors” at the end of May. In late December, the monetary authority announced a regulatory concept recognizing cryptocurrencies and stablecoins as “monetary assets” and expanding investor access to include ordinary citizens under specific limitations.
Nikita Zuborev, senior analyst at crypto exchange aggregator Bestchange.ru, expects Roskomnadzor (Russia’s telecom and media watchdog) to begin blocking websites of crypto exchanges not registered in Russia as early as summer 2026. The blocking mechanism would likely mirror recent restrictions on YouTube and WhatsApp, where Roskomnadzor deleted domains from DNS servers, effectively cutting off access for Russian residents.
Zuborev warned that if foreign platforms cannot obtain Russian licenses or operate as agents for domestic exchanges and brokers, a large portion of the market will move to the shadow economy, fragment, and become nearly impossible to regulate.
Belarus Model and Enforcement Challenges Point to DNS Blocking Despite Implementation Obstacles
Dmitry Machikhin, lawyer and founder of BitOK (an AML/KYT solutions provider), predicts a “Belarusian scenario.” Belarus allows only companies registered as residents of its High-Tech Park (HTP) hub to process cryptocurrency transactions. In 2024, Minsk prohibited citizens from buying and selling coins on foreign platforms.
However, enforcement faces substantial obstacles. At least one million Russians remain clients of Binance, the world’s largest digital-asset exchange, even after it officially withdrew from the country’s market. Ignat Likhunov, founder of law firm Cartesius, highlighted the lack of real enforcement levers over foreign exchanges, which show little urgency to comply with requirements.
Authorities will likely restrict access to platforms supporting sanctions against Russia and its citizens for economic reasons, Likhunov added. Non-compliance with domestic data protection law could serve as blocking grounds as well, since most trading services store Russian citizen data on servers located in Europe or the United States.
The Moscow Exchange, which can provide crypto services using existing licenses under upcoming rules, plans to attract crypto turnover as soon as legislation permits. Sergey Shvetsov, Chairman of the Supervisory Board of MOEX, told business daily Vedomosti the exchange intends to pursue crypto activity when regulations allow.
The $15 billion annual fee estimate represents substantial revenue currently bypassing national oversight and tax structures. Whether Russia can successfully redirect flows to domestic platforms depends on competitive execution quality, liquidity depth, and product range matching what users find on global venues.
