What Crypto Exchanges Are Banned in Russia?

Russia doesn’t have a blanket ban on cryptocurrency exchanges - but that doesn’t mean you can just sign up for any platform and start trading. The reality is more complicated: some exchanges are officially blocked, others are sanctioned by foreign governments, and many simply can’t operate because they can’t meet Russia’s strict rules. If you’re trying to figure out which crypto platforms are off-limits in Russia, you need to understand the difference between government bans, international sanctions, and practical restrictions.

Garantex: The Exchange That Got Shut Down - But Never Really Left

Garantex was once Russia’s biggest homegrown crypto exchange. It wasn’t just popular - it was central to how Russians traded Bitcoin and altcoins without touching banks. But in 2022, the U.S. Treasury slapped it with sanctions for helping evade international sanctions. The real blow came in March 2025, when the U.S. Secret Service, working with German and Finnish police, seized its website, froze over $26 million in crypto, and arrested key operators. Garantex’s domain vanished. Its servers went dark.

But Garantex didn’t die. It split. Its infrastructure was rebuilt under a new name: Grinex. And behind Grinex? The same people. The same code. The same network. The U.S. Department of Justice confirmed in March 2025 that Grinex was created by former Garantex staff to keep the operation running. The CEO of Garantex, Aleksandr Mira Serda, is now wanted by the U.S. State Department with a $5 million reward for his capture. His co-founder, Aleksej Besciokov, was arrested in India.

Even inside Russia, the ghost of Garantex lives on. A company called Exved, registered in Moscow’s International Business Center, now handles all the money flows. It claims to be a payment service for importers and exporters - but insiders say it’s just Garantex in a suit. Russian authorities haven’t shut Exved down. Why? Because it doesn’t technically violate local law. It’s a loophole, not a law.

Grinex: The Successor That Got Sanctioned Too

Grinex didn’t last long. By mid-2025, the U.S. Office of Foreign Assets Control (OFAC) added Grinex to its sanctions list. The message was clear: if you’re trying to replace Garantex, you’re still part of the same problem. The U.S. doesn’t care if the exchange has a new name, new servers, or new owners. If it’s the same network, it’s still targeted.

What does this mean for Russian users? Grinex is blocked from international banking channels. You can’t deposit dollars or euros into it. You can’t cash out to a Western bank. But inside Russia, it still works - because it runs on local payment systems, crypto-to-ruble P2P trades, and offshore wallets. The exchange isn’t banned by Russia. It’s banned by the world. And that’s the key difference.

International Exchanges: Not Banned, But Effectively Blocked

You won’t find Binance, Coinbase, or Kraken on Russia’s official list of blocked websites. But try using them from inside Russia and you’ll hit walls. Why? Because Russian banks are forbidden from processing crypto-related transactions. Your Sberbank card won’t link to Binance. Your Tinkoff account won’t let you buy Bitcoin through Coinbase. Even if you use a VPN, you’ll struggle to deposit or withdraw money.

The Bank of Russia doesn’t outright ban these platforms - it bans the financial bridges that connect them to the Russian economy. No bank partnerships? No payment processors? No way to turn rubles into crypto or crypto back into cash? Then the exchange might as well not exist.

This is why most Russians who trade crypto use P2P platforms like LocalBitcoins, Paxful, or even Telegram bots. These platforms don’t need banks. You pay someone in cash, via Sberbank transfer, or with a gift card - and they send you Bitcoin. It’s slower, riskier, and less secure - but it works.

BestChange: The Platform That Got Unbanned

In 2024, BestChange - a major crypto exchange aggregator - was blocked by Roskomnadzor. The reason? It listed foreign payment systems and currencies like the Kazakhstani tenge, which Russian regulators saw as a risk for sanctions evasion. For months, Russians couldn’t access its comparison tools.

But in early 2025, BestChange made changes. It removed all foreign currency listings. It stopped showing payment options tied to sanctioned countries. It restructured its compliance team with Russian legal advisors. And then - it got unbanned.

This case proves something important: Russia doesn’t want to ban crypto. It wants to control it. If you follow the rules, you can operate. If you don’t, you’re out. BestChange didn’t fight the ban - it adapted. And that’s exactly what Russia wants from every exchange.

What Russia Actually Bans - And What It Lets Slide

Russia’s crypto rules are not about ideology. They’re about control and survival. Here’s what’s truly banned:

• Using crypto for domestic payments (since 2021)
• Russian banks investing in or processing crypto transactions
• Exchanges that don’t implement full KYC and AML checks
• Platforms that allow transactions with sanctioned countries or entities
• Any exchange that doesn’t report user activity to the Bank of Russia

Here’s what’s allowed - if you play by the rules:

• Trading crypto as an investment (for qualified investors)
• Using crypto for international trade (since summer 2024)
• Operating an exchange that’s registered in Russia and complies with all reporting rules
• Using P2P platforms that don’t touch the banking system

This is why Garantex and Grinex still operate: they’re Russian-run, Russian-controlled, and they avoid the banking system. They don’t need Western payment rails. They don’t need international compliance. They’re built to bypass the system - not break Russian law.

The Future: Russia’s Own Crypto Infrastructure

In October 2025, Deputy Finance Minister Ivan Chebeskov announced Russia is building its own experimental crypto infrastructure - in partnership with the Bank of Russia. This isn’t a digital ruble. It’s something else: a state-monitored crypto network where all transactions are tracked, taxed, and controlled.

Think of it like China’s digital yuan - but for crypto. The goal? Stop money laundering. Stop sanctions evasion. And most importantly - keep the money inside Russia’s system. The Bank of Russia already allows “especially qualified” investors to trade crypto. Soon, that might expand to institutional players.

This shift means the future of crypto in Russia won’t be about bans. It’ll be about who gets to run the platform. If you’re a Western exchange? You’re out. If you’re a Russian entity that follows the rules? You’re in.

What Should You Do?

If you’re in Russia and want to trade crypto:

• Avoid Garantex and Grinex - they’re high-risk and under active investigation.
• Don’t rely on Binance or Coinbase - you won’t be able to deposit or withdraw reliably.
• Use P2P platforms with verified sellers - but always check reputations.
• Watch for new Russian-approved exchanges - they’ll be the only ones with stable access.
• Never use a VPN to bypass restrictions - it increases your risk of being flagged.

Crypto is still widely used in Russia. But the rules have changed. It’s no longer about freedom. It’s about control. And the only exchanges that survive are the ones that answer to Moscow - not to the world.