Why Crypto Exchanges Are Leaving Russia: An Expert's Explanation from RAKIB

Crypto exchanges Bitget and MEXC are limiting services for users from Russia: Bitget has included Russia and Belarus in its list of prohibited jurisdictions, followed by similar steps taken by MEXC. Alexander Brazhnikov, the executive director of RAKIB, explained what this means for clients and how those who need to close positions and withdraw assets should act.

What Has Changed for Bitget Users

In the new version of the user agreement, Bitget lists Russia, Belarus, and Kazakhstan among the prohibited jurisdictions. According to Brazhnikov, it is important not to confuse two different grounds for restrictions: citizenship and actual residency or activity in a specific country. The wording of the agreement primarily concerns residence, presence, or conducting activities in these jurisdictions.

The expert noted that affected clients receive personal notifications with instructions on how to terminate services. Therefore, it is incorrect to assert that the exchange has simultaneously blocked all holders of Russian passports.

The studied messages do not specify a particular regulator's order that would be the direct cause of such a decision. Brazhnikov views the current situation as an enhancement of compliance procedures and an attempt to reduce regulatory risks, but emphasizes that this is an assessment, not an officially confirmed reason.

Was Bitget a Key Platform for Russian Clients?

Bitget was among the international services available to users from Russia, but Brazhnikov does not consider it correct to call it the main channel for Russian clients. RAKIB does not have reliable public statistics on the number of users from Russia.

According to published traffic data for September, Russia was not among the top three sources of traffic for Bitget. However, traffic alone does not indicate the actual number of clients or the volume of funds placed on the platform.

How Much Time Is Left to Withdraw Assets

The deadlines indicated in the notifications appear strict. According to data provided by Interfax, starting from October 18 at 10:00 Moscow time, users will be restricted from making new operations. By October 21, 2026, at 10:00 Moscow time, they must close positions and withdraw assets.

Brazhnikov advises each client to rely not only on public messages but primarily on their own notification from the exchange: it may contain individual instructions.

It cannot be guaranteed that all users will manage to withdraw funds without difficulties. A simple operation to close a position and withdraw funds differs from a situation where a client has a complex portfolio or requires additional verification. The expert recommends not delaying actions: check the availability of withdrawals, save the transaction history, and contact official support in advance in case of any restrictions.

A particular risk is associated with forced position closures. If applied, the client will lose the ability to choose the moment to exit the transaction independently.

Where Should Users from Russia Withdraw Funds?

Brazhnikov does not recommend mass transferring assets to one specific platform. First, the user needs to determine the goal: to preserve crypto assets or convert them into rubles. After that, it is important to check whether the chosen recipient is authorized to serve a specific client, whether they support the required asset and network, and what requirements they have for confirming the origin of funds.

If it concerns a regulated Russian service, the expert recommends checking the legal entity and its status in the registers of the Bank of Russia. Relying solely on advertising, brand popularity, or recommendations from acquaintances is not enough. The Bank of Russia has already published the procedure for admitting digital depositories and crypto exchanges to the market.

A non-custodial wallet is also not a universal solution for everyone. In this case, the owner is responsible for the safety of the keys, and the technical ability to transfer assets does not mean that such a route is automatically permissible from a legal standpoint. The Central Bank's current clarifications specifically note restrictions on transfers from a digital account to a non-custodial wallet of the same individual, so each scenario must be assessed considering its legal regime.

In practice, Brazhnikov recommends first checking the details and network compatibility with a small test transfer. The seed phrase should not be shared with anyone: genuine wallet support should not request it.

Will Only DEX and Licensed Platforms Remain?

The expert does not believe that users will inevitably face a choice only between decentralized exchanges and licensed banking platforms. According to the Central Bank's clarifications, the regulated infrastructure in Russia is not limited to banks: it also includes brokers and organizations engaged in the exchange of digital currencies.

At the same time, Brazhnikov points out the difference between the current transitional conditions and the requirements that will come into effect on July 1, 2027.

He also does not consider decentralized services a safe replacement for all users. Self-storage and management of assets mean that the user is responsible for access, transaction verification, and security. The service developer may not always be able to recover funds if they are lost. Therefore, DEX is an option for prepared users, not a universal solution.

Is the Exit of Exchanges Related to Actions by Russian Authorities?

Brazhnikov does not see evidence that Bitget's decision is directly related to attempts by Russian authorities to isolate users from the external crypto market. The reports about the exchange's actions do not mention any orders from Russian state bodies.

However, Russia is indeed developing its own regulated infrastructure for operations with digital assets. Nevertheless, the coincidence of these processes in time does not prove that one caused the other.

The expert's position is that a domestic infrastructure is needed to reduce dependence on unilateral decisions by foreign companies. However, it should attract users not through bans, but through the quality of services, liquidity, clear fees, and protection of client rights. The main task is to provide asset owners with the opportunity to manage their assets legally and predictably.