Belarus Implements Shock Ban on Foreign Crypto Exchanges, Contradicting Earlier Support

In a sudden and contradictory regulatory shift, the government of Belarus has blocked access to several major international cryptocurrency exchanges, including Bybit, Bitget, and OKX. The action, implemented on December 10, 2025, was enacted via a decree signed by President Alexander Lukashenko and enforced by the state telecom watchdog BelGIE following a decision by the Ministry of Information.

The ban specifically targets residents of Belarus's High Technology Park (HTP), the nation's primary IT and crypto hub, and prohibits individuals from buying or selling digital assets through foreign exchanges or brokers. All activity is now forced onto state-regulated platforms operated by HTP-registered companies, effectively shutting down peer-to-peer trading within the country. Users attempting to access blocked sites like Bybit are met with a notice stating, "Access to this resource is restricted based on a decision of an authorized body of the Republic of Belarus."

This move creates immediate uncertainty for crypto users, severely limiting their ability to access and withdraw funds from the affected platforms without resorting to VPNs—a tactic that violates exchange terms of service and carries unclear legal risks in Belarus.

The decision is particularly puzzling given the government's recent pro-crypto stance. Just months earlier, in September, President Lukashenko had urged the nation's banks to actively promote cryptocurrency use. Furthermore, last month, the government introduced a mandatory registration system for all crypto wallets, suggesting a move toward oversight rather than prohibition.

Analysts interpret the ban as an attempt to pull the crypto market inward, aiming to protect users, curb illicit fund outflows, and establish a tightly contained, fully monitored domestic ecosystem. This creates a stark contrast with neighboring Russia, which, under pressure from Western sanctions, is actively building controlled crypto payment channels like the A7 network and its rouble-backed A7A5 stablecoin, viewing digital assets as indispensable for trade.

The future for Belarusian crypto holders remains fraught with obstacles. Potential next steps include the development of a licensed domestic exchange ecosystem, stricter capital controls, or further contradictory regulatory measures, leaving the path forward uncertain.