Russia May Block Foreign Crypto Exchanges This Summer

Russian authorities are reportedly preparing to restrict access to foreign cryptocurrency exchange websites as early as summer 2026, aligning the move with a new domestic regulatory framework scheduled for completion by July 1, 2026.

According to industry experts cited by RBC, the timeline matches a legislative deadline requiring the Bank of Russia to finalize comprehensive legal rules for the digital asset sector.

Redirecting Billions Back Home

The proposed restrictions aim to channel an estimated $15 billion in annual transaction fees away from foreign platforms and toward regulated domestic venues such as the Moscow Exchange (MOEX).

Key elements of the plan include:

• Targeted Platforms: Well-known global exchanges such as Bybit and OKX could face access restrictions once Russia’s licensing regime takes effect.
• Blocking Method: Enforcement may follow the model used against platforms like YouTube and WhatsApp, potentially involving DNS-level blocking within Russia’s domestic internet infrastructure (Runet).
• Strategic Objective: Move crypto trading out of its current “quasi-legal grey zone” and into a supervised financial perimeter.

Daily crypto turnover in Russia is estimated at approximately $647 million, highlighting the scale of the market authorities aim to regulate.

Regulatory Roadmap Through 2027

The planned rollout follows a structured legislative timeline:

• Spring 2026: The State Duma is expected to vote on draft bills integrating cryptocurrencies into the mainstream financial framework.
• July 1, 2026: Deadline for finalizing the national digital asset legal framework.
• July 1, 2027: Introduction of legal liability, including fines or potential jail time, for operating as an unlicensed crypto intermediary, similar to illegal banking penalties.

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A “Belarus Model” Approach?

Some analysts suggest Russia may follow a path similar to Belarus, which mandated in 2024 that individual crypto transactions be conducted through approved domestic entities. In December 2025, Belarus blocked several major exchanges, including Bybit and OKX, citing regulatory violations.

However, enforcement challenges remain. Millions of Russian users continue to access foreign crypto platforms despite previous market exits, raising questions about the effectiveness of a full-scale ban.

Proposed Investor Restrictions

Under the upcoming framework, trading access would be tiered:

• Non-qualified investors: Annual purchase cap of 300,000 rubles (approximately $3,900) for high-liquidity tokens such as BTC and ETH.
• Qualified investors: No trading limits on approved platforms.
• Prohibited assets: Privacy-focused tokens such as Monero (XMR) and Zcash (ZEC) would remain restricted.

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