When crypto exchanges banned in Russia, the Russian government blocked access to major international platforms like Binance and Kraken to control capital outflows and reduce reliance on Western financial systems. Also known as Russian crypto restrictions, this move didn’t stop crypto use—it just pushed it underground and into peer-to-peer channels. The ban wasn’t about stopping blockchain technology. It was about stopping people from moving money out of the country without state approval.
While trading on foreign exchanges became illegal, crypto mining in Russia, a practice where computers solve complex math problems to earn cryptocurrency. Also known as Bitcoin mining Russia, it was legalized in 2022 as a way to use excess energy and generate foreign currency through exports. That’s why you’ll find huge mining farms in Siberia, running on cheap hydroelectric power. But here’s the twist: even though mining is legal, using those mined coins to pay for imports or send money abroad is still risky. The government wants the coins to stay inside the system—preferably converted to rubles or state-approved stablecoins like A7A5.
Meanwhile, sanctions crypto, the use of digital assets to evade international financial penalties. Also known as crypto sanctions evasion, it became a real concern after Western nations froze Russian banks and cut off SWIFT access. People started using P2P platforms like LocalBitcoins and Paxful to trade rubles for Bitcoin or USDT. Some even used crypto to pay for goods from China or Turkey, bypassing traditional banking. But it’s not foolproof. Blockchain is public. Every transaction leaves a trail. And Russia’s own financial watchdog, the Central Bank, now monitors on-chain activity to catch suspicious flows.
So what does this mean for you? If you’re in Russia, you can’t legally use Binance or Coinbase. But you can still buy crypto through peer-to-peer apps, mine it yourself, or trade via Telegram groups. If you’re outside Russia, you can’t legally serve Russian customers—many exchanges have already cut off access. The rules are messy, inconsistent, and changing fast. What’s banned today might be tolerated tomorrow, depending on oil prices, global pressure, or how much cash the state needs.
Below, you’ll find real stories and breakdowns from people who’ve navigated these restrictions—how they kept their crypto safe, what platforms still work, and the hidden risks most guides ignore. No fluff. Just what happened, what’s still possible, and what to avoid.
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.