Rich by Coin

The debate over block access to foreign cryptocurrency exchanges in Russia has resurfaced. Experts say steps in this direction are likely within 2026 as regulators weigh different scenarios and draft new legislation regulating crypto transactions within the existing Russian infrastructure. MOEX’s Sergey Shvetsov said Russians pay about $15 billion in commissions to global exchanges, and MOEX could take action to “get a share of this pie” when the necessary conditions are met. He stressed that this area offers significant revenue growth potential for the exchange.

Analysts describe blocking as a highly likely move, with Roskomnadzor potentially launching mass blocking against unregistered exchanges and large crypto swap sites this summer by deleting DNS records and countering circumvention tools, a tactic similar to that used against YouTube. Critics warn such blockages could raise fraud risk, push activity underground, and raise commissions, while others argue licensing foreign platforms or letting them operate as agents for domestic exchanges could balance security with accessibility. The Belarus model is cited as a likely blueprint, where crypto transactions would flow through entities under the High-Tech Park regime, and from 2024 individuals and sole proprietors would be barred from using platforms outside Belarus. Machihin also notes that access to many foreign platforms could be restricted for Russian citizens.

Lihunov says blocking measures could run in parallel with building a domestic and legitimate crypto space, with operating conditions for foreign and unfriendly exchanges made increasingly difficult. He adds that Russian authorities have limited direct sanctions power over foreign platforms, so some may resist complying with Russian law. Despite Binance reportedly withdrawing from Russia, at least one million Russian users are still said to use the platform. Forbes reported that Roskomnadzor plans to filter internet traffic using AI-powered systems, backed by a 2.27 billion ruble budget for 2026, and data localization rules may justify blocking platforms hosting servers abroad if they serve Russian citizens.