Russia bans peer-to-peer crypto trading and self-custody withdrawals from regulated accounts

The Central Bank of Russia announced that direct peer-to-peer cryptocurrency trading between individuals will be banned starting July 1, 2027, while transfers from regulated accounts to self-custodial wallets are prohibited under digital currency rules in effect since September 1, 2026. To establish a controlled domestic market, Russia licensed 11 authorized entities, including major state-owned lender Sberbank, to act as custodians and exchanges. Retail investors are restricted to trading Bitcoin, Ethereum, and USDT on these sanctioned platforms.

Peer-to-peer trading restrictions

• ▪Industry executives told Cointelegraph that regulatory restrictions on peer-to-peer cryptocurrency trading and non-custodial wallets may be difficult to enforce
• ▪The Central Bank of Russia clarified that peer-to-peer cryptocurrency trades between individuals in Russia remain permitted without a licensed intermediary until July 1, 2027, when they become banned, requiring authorized intermediaries

Restrictions on self-custodial wallets

• ▪Central Bank of Russia regulations prohibit individuals from transferring digital currency from regulated digital accounts to non-custodial or self-custodial wallets
• ▪Under Russian legislation, cryptocurrency can be legally stored and transferred exclusively through specialized custodian wallets approved by the Central Bank of Russia

Authorized Russian cryptocurrency service providers

• ▪The Central Bank of Russia registered 11 entities as authorized cryptocurrency exchange service providers or digital custodians to operate within the country
• ▪State-owned Sberbank received authorization from the Central Bank of Russia to operate as both a licensed digital asset depository and a cryptocurrency exchange
• ▪Authorized Russian cryptocurrency service providers include exchange operators MOEX, SPB Exchange, Zefir, Moy Bitcoin, and Paradise Technology, alongside custodians Atomyze, Voltari, and Cloud Infrastructure

Digital currency law scope

• ▪Russia's digital currency law legalized cryptocurrencies and related activities while limiting investment, storage, and trading to regulated local infrastructure overseen by the Bank of Russia
• ▪Russian President Vladimir Putin signed the "On digital currencies and digital rights" digital currency bill into law in August 2026 following parliamentary passage in July 2026, taking effect on September 1, 2026