Belarus Restricts Access to ByBit, OKX, and Other Exchanges

TLDR

• Belarus restricts access to foreign crypto exchanges like ByBit, OKX, and Bitget to promote local platforms.
• The government aims to centralize cryptocurrency trading and prevent illegal financial activities.
• The ban affects residents and employees of High-Tech Parks, requiring transactions to occur on local exchanges.
• Russia is closely monitoring Belarus’s crypto ban, with concerns about its impact on foreign economic actions.
• The Belarusian government seeks to tighten control over cryptocurrency markets and protect consumers from illicit activity.

On December 10, Belarus banned its citizens from accessing foreign cryptocurrency exchanges. The government restricted access to exchanges such as ByBit, OKX, and Bitget. This action aligns with Belarus’s efforts to curb illegal financial activities and promote local crypto platforms.

Implementation of the Belarus Crypto Ban

The Belarusian government blocked foreign crypto exchanges as part of a broader strategy to centralize the market. Users in Belarus can no longer access exchanges like ByBit, OKX, and Bitget. The Ministry of Information issued the order through the Republican Unitary Enterprise for Electrosym Communication Supervision, also known as “BelGIE.”

By December 10, users reported difficulties accessing these platforms via Beltelecom, the government-owned provider. A message appeared stating the resources were restricted due to a government decision. The ban does not extend to foreign exchanges but limits usage to local platforms for transactions.

The law affects both local residents and high-tech park employees in Belarus. It restricts cryptocurrency transactions to local exchange platforms. The goal is to prevent the illegal use of cryptocurrencies and protect consumer interests.

Limited Impact and Regional Concerns

Despite the Belarus crypto ban, experts suggest the measure won’t drastically affect current market behavior. Most legitimate crypto activities in Belarus already occur through controlled channels in High-Tech Parks (HTP). Therefore, the ban might not disrupt operations for users who follow the existing regulations

However, the situation in Belarus has drawn attention from Russia. The country is closely monitoring Belarus’s policy and considering similar measures. Some Russian experts express concern that such a move could hinder Russia’s foreign economic activities.

Mikhail Uspensky, a member of the Expert Council for Legislative Regulation, voiced opposition. He believes banning foreign digital assets could damage Russia’s economic actions. His view contrasts with the Russian Central Bank, which worries about digital currencies undermining the Ruble.

Tighter Regulatory Measures in Belarus

The Belarus crypto ban marks a shift towards greater control over the digital currency market. By restricting foreign exchange platforms, the government strengthens its regulatory grip. Belarus now seeks to monitor all cryptocurrency transactions within its borders.

Despite some efforts to bypass the restrictions, the ban illustrates the government’s determination. It is focused on limiting the outflow of funds and ensuring consumer protection. The Belarus crypto ban represents a more localized approach to managing the digital currency market.

Belarus aims to ensure that cryptocurrencies are only traded on approved platforms. The decision reflects broader goals of securing financial systems and preventing money laundering activities. The ban will likely remain in place unless further adjustments are made.