When Binance Russia, the local arm of the world’s largest crypto exchange operating in Russia. Also known as Binance RU, it was once a major gateway for Russians to trade Bitcoin, Ethereum, and other digital assets. In 2022, Binance Russia shut down its local operations after Russia’s central bank labeled it an unlicensed financial entity. Unlike exchanges that quietly withdrew, Binance didn’t just leave—it froze accounts, halted withdrawals, and redirected users to its global platform. But here’s the catch: global Binance also blocked Russian users from trading fiat pairs. That left thousands stranded with crypto they couldn’t sell, withdraw, or convert to rubles.
This wasn’t just a business decision—it was a domino effect. Russia’s crackdown on crypto exchanges wasn’t about banning crypto itself. It was about controlling financial flows. The government wanted to stop people from bypassing sanctions using stablecoins like USDT. So while holding Bitcoin stayed legal, using foreign exchanges like Binance, a global cryptocurrency exchange platform with over 200 million users. Also known as Binance.com, it is one of the most widely used platforms for trading digital assets. became risky. Meanwhile, local platforms like Bybit, a crypto exchange that continued serving Russian users with non-fiat trading pairs. Also known as Bybit RU, it became a workaround for traders avoiding direct bank links. filled the gap. They offered peer-to-peer trading, crypto-to-crypto swaps, and even OTC desks that didn’t ask for passports. But these weren’t safe. Many turned into exit scams. Others got hacked. The Russian government didn’t ban crypto—it made it harder to use legally, turning everyday trading into a gray-area gamble.
What’s left today? Russians still trade. They use P2P platforms like LocalBitcoins and Paxful. They trade USDT on Telegram bots. Some even use VPNs to access global exchanges, though that’s against Russian law. The real story isn’t about Binance Russia disappearing—it’s about how a country forced its people to invent their own financial system, one risky trade at a time. Below, you’ll find real stories, legal updates, and scam alerts from users who lived through it. No fluff. Just what happened, who got burned, and how to stay safe if you’re still in the game.
Russia doesn't outright ban crypto exchanges - it picks which ones can operate based on compliance, ownership, and sanctions. Garantex is gone, but its ghost lives on. Binance can't work here. Here's what's really allowed.