What Crypto Exchanges Are Banned in Russia in 2026

When it comes to cryptocurrency in Russia, there’s no simple answer to whether exchanges are banned. It’s not like the government shut down every platform overnight. Instead, Russia plays a game of selective enforcement - targeting some, tolerating others, and building its own system in the background. If you’re trying to figure out which exchanges you can’t use in Russia today, you need to understand who’s been punished, who’s still operating under the radar, and how the rules keep changing.

Garantex: The Exchange That Got Crushed

Garantex was once the biggest crypto exchange based in Russia. It handled billions in trades, mostly from users looking to move money out of the country or avoid Western banking restrictions. But in March 2025, everything collapsed. The U.S. Secret Service, working with German and Finnish authorities, seized its website, froze over $26 million in crypto, and shut down its servers. The U.S. Treasury labeled Garantex a key player in sanctions evasion - helping Russian entities bypass financial controls tied to the war in Ukraine.

The fallout didn’t stop there. Two top executives, Aleksandr Mira Serda and Aleksej Besciokov, were indicted. Besciokov was arrested in India. Mira Serda is still on the run, with the U.S. State Department offering up to $5 million for information leading to his capture. Garantex’s official operations ended, but its ghost lives on.

Inside Russia, the network didn’t disappear - it just changed names. A new payment service called Exved popped up in Moscow’s International Business Center. Its founder? Sergey Mendeleev, the same person who built Garantex’s backend. Exved doesn’t call itself an exchange. It markets as a tool for importers and exporters, helping businesses move money across borders using crypto. That’s the loophole Russia allows: crypto for international trade, not domestic payments.

Grinex: The Successor That Got Sanctioned Too

As Garantex was being dismantled, its team didn’t vanish. They launched Grinex - a direct replacement, built by former Garantex employees. It took over Garantex’s customer base, wallets, and transaction flows. Within weeks, the U.S. Treasury added Grinex to its sanctions list. OFAC called it part of the same network, designed to keep the money flowing after Garantex went dark.

The timing wasn’t random. Grinex launched right after the March 2025 international crackdown. That’s when Russian authorities quietly shifted from trying to ban crypto to trying to control it. Grinex became a test case: if you’re helping evade sanctions, you’re out. But if you’re helping Russia’s economy move money internationally? You might get a pass - if you play by the new rules.

Binance, Coinbase, Kraken: Not Banned, But Effectively Blocked

You won’t find Binance, Coinbase, or Kraken on Russia’s official list of banned sites. That’s because Russia didn’t ban them directly. Instead, it made it impossible for them to operate.

Russian banks can’t process payments to or from these platforms. Payment processors like Visa and Mastercard don’t work with Russian users on these exchanges. Even if you try to log in, your card gets declined. Your bank might freeze your account if they detect crypto activity linked to a Western exchange. The Bank of Russia doesn’t allow financial institutions to touch crypto at all - not for trading, not for deposits, not for withdrawals.

So while these platforms aren’t technically banned, they’re functionally blocked. You can’t use them the way you would in the U.S. or Europe. The infrastructure simply doesn’t exist anymore. Russian users who still want access to these exchanges rely on VPNs and P2P traders - but even that’s getting riskier. The government now requires banks to report suspicious P2P transactions, especially those involving foreign currencies or large sums.

BestChange: The One That Got Unbanned

BestChange is a cryptocurrency aggregation platform - not an exchange, but a tool that compares rates across dozens of platforms. In 2024, Roskomnadzor blocked it for listing foreign payment systems and currencies like the Kazakhstani tenge. The Bank of Russia said it was enabling unregulated cross-border flows.

But in early 2025, BestChange made changes. It removed all ruble-based foreign currency listings. It stopped promoting non-Russian payment methods. It worked with legal teams to prove it was complying with the new rules. And then - it was unbanned. Roskomnadzor removed it from the restricted sites list.

This is the key lesson: Russia doesn’t always ban. It demands compliance. If you’re willing to adapt, remove what they don’t like, and align with their goals, you can stay open. BestChange didn’t fight the rules - it rewrote its business to fit them.

What Russia Actually Allows

Russia’s stance on crypto isn’t about banning it. It’s about controlling it. The 2020 law made crypto legal - but only as an asset, not a payment method. That changed in summer 2024. Now, Russian companies can legally use crypto for international trade. That’s why Exved exists. That’s why state-backed crypto infrastructure is being built.

The Bank of Russia is testing a new system: a government-controlled crypto environment. Only “especially qualified” investors - people with high net worth and verified income - can trade. All transactions must go through approved channels. KYC is strict. AML monitoring is real-time. The goal? Keep crypto activity visible, traceable, and under state control.

This isn’t about stopping crypto. It’s about making sure Russia benefits from it. The government wants to tax it. Regulate it. Use it to bypass Western sanctions - on its own terms.

What’s Still Risky in Russia Today

If you’re in Russia and thinking about using crypto, here’s what you need to avoid:

• Using unapproved exchanges - Garantex, Grinex, and any platform linked to them are high-risk. Even if they’re still online, you could lose funds or face legal trouble.
• Large P2P trades - Banks are required to report transactions over 600,000 rubles ($7,000 USD) that involve crypto. If you’re buying from strangers on Telegram, you’re on the radar.
• Using Western exchanges with Russian bank cards - Cards get declined. Accounts get frozen. It’s not worth the hassle.
• Trying to hide crypto activity - Russia’s tax authorities now share data with financial regulators. If you’re making profits and not reporting, you’re asking for trouble.

The Future: Russia’s Own Crypto System

Deputy Finance Minister Ivan Chebeskov confirmed in October 2025 that Russia is building a national crypto infrastructure. Think of it like a state-run version of Binance - but controlled by the Bank of Russia. It will allow institutional investors to trade crypto legally, with full oversight.

This isn’t just about money. It’s about power. China has its digital yuan. The EU is testing a digital euro. Russia wants its own crypto ecosystem - one where the government decides who trades, how much, and when.

For now, the only exchanges you can safely use in Russia are the ones that play by Moscow’s rules. Foreign platforms? They’re ghosts. Sanctioned platforms? They’re traps. The real action is inside Russia’s new system - and it’s just getting started.