Bybit Exchange has started to suspend user accounts from Russia., 2026/03/20 09:25:16

The cryptocurrency exchange Bybit has commenced the blocking of accounts belonging to users from Russia. The restrictions have affected approximately ten addresses, which collectively hold over 50 million rubles. The largest of the blocked accounts contains more than 500,000 USDT.

According to the publication Baza, at least 10 Russians have sought legal counsel due to the account blocks imposed by Bybit. However, the exchange has not disclosed the reasons for these restrictions. Customer support has also refrained from providing explanations, stating that the verification of funds may take up to 30 days. The initial account blocks began in early March.

Users have reported that they are engaged in the cryptocurrency market professionally, and the funds held on the platform underwent checks using AML tools. Nevertheless, despite inquiries to customer support, the reasons for the restrictions remain unclear. Owners of the blocked accounts have sought legal assistance. 

It is noteworthy that Bybit does not have offices or representatives in Russia. The company’s headquarters is located in Dubai, which may suggest that the situation is related to the geopolitical climate.

“These developments highlight the need for the establishment of infrastructure within the Russian jurisdiction for the storage, exchange, and trading of digital currencies. It is estimated that the volume of funds held by Russian citizens in crypto assets reaches 3 trillion rubles, and such assets are susceptible to risks of restrictions due to external factors,” stated Andrey Loboda, a member of RASO and the commission on mining activities and blockchain technology of the Russian Chamber of Commerce and Industry regarding the financial market and investments.

Last autumn, Bybit’s European division restricted the ability to open accounts for users from Russia, as well as several other countries, including Belarus, North Korea, and Iran.