Belarus Blocks Major Cryptocurrency Exchanges, Restricts Local Trading

Highlights:

• Belarus has blocked several major cryptocurrency exchanges, stopping local users from trading.
• Some exchanges became temporarily accessible, but Binance was not blocked.
• Authorities created a wallet register to prevent illegal crypto activity in the country.

Belarusian authorities have blocked access to several major cryptocurrency exchanges. Local users can no longer trade on these platforms. The Ministry of Information confirmed the restrictions, as reported by local and regional media.

Belarus Blocks Major Crypto Exchanges

BelGIE, the government agency in charge of telecommunications, maintains the list of blocked sites. It includes top exchanges like Bybit, Bitget, and OKX. These sites were added to the restricted internet resources on Wednesday, December 10. Users trying to access Bybit through the national provider Beltelecom receive messages saying the block is under Belarusian law “On Mass Media.” Using a VPN may lead to account issues, as exchanges can detect logins from banned regions or hidden IP addresses.

Reports from RBC show that some blocked exchanges, like Bitget, OKX, KuCoin, and MEXC, became temporarily accessible after the restrictions. Interestingly, Binance, the world’s largest crypto platform, was not blocked. The restrictions come as cryptocurrency trading grows in Belarus.

The government has been updating rules for digital assets, aiming to be a regulatory leader in post-Soviet Eastern Europe. Belarus introduced its first “digital tokens” framework in 2018 through a presidential decree on the digital economy. Since then, both regulated and unregulated crypto markets have grown significantly.

Belarus Tightens Crypto Rules and Tracks Illegal Activity

Both regulated and unregulated crypto markets in Belarus have continued to grow. In September, President Alexander Lukashenko urged officials and government institutions to keep up with the industry. He also emphasized the rising importance of cryptocurrencies, especially for payments, which are expected to reach $3 billion by the end of the year.

Lukashenko also instructed the country’s banks to increase cryptocurrency usage amid ongoing economic sanctions. He stressed that the market must stay accessible, well-regulated, and strictly supervised.

At that time, the President stated:

Restrictions on international exchanges follow last year’s ban on private citizens and entrepreneurs trading on foreign platforms. Authorities cited concerns over capital leaving the country amid international sanctions. Minsk has also increased actions against illegal crypto use. In late November, the head of Belarus’s state auditing body announced a register of wallets linked to criminal activity as part of a new seizure system.

The register and seizure system is being introduced before Belarus’s next review by the Financial Action Task Force (FATF), which fights money laundering and terrorism financing worldwide. The National Bank of Belarus also proposed creating a unified crypto regulation framework within the Eurasian Economic Union (EAEU). Belarus’s recent measures show efforts to control the country’s crypto market, protect financial stability, prevent illegal activity, and encourage regulated growth in digital assets.