Trading US stocks through crypto derivatives: risk or reality for Russians?
After the harsh sanctions restrictions of 2022, classic brokerage accounts for Russian investors in the US have practically closed. However, the market abhors a vacuum—a gray but effective workaround has emerged. This refers to tokenized stocks and crypto derivatives on foreign platforms like Bybit, Binance, and Deribit. This instrument allows gaining exposure to US securities using stablecoins for settlements, bypassing traditional financial infrastructure.
Scale of the Phenomenon: From Niche Trend to Mass Demand
Expert opinions are divided. Some analysts consider this method already widespread. Igor Plotnikov, Executive Director of Millpay, points to high demand among active traders and those who have long worked with digital assets. Indirect data—lively discussions in specialized communities and high traffic on the exchanges themselves—confirms his words. The method's appeal is obvious: round-the-clock deposit/withdrawal of funds in USDT, no need to open an account with a foreign broker, and the ability to use leverage.
Other experts, conversely, assess the instrument's popularity much more cautiously. Alexander Nam, Vice President of Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, call trading tokenized stocks a narrow niche for experienced players. In their opinion, the broad base of retail investors is not yet ready for the complexities and risks of this instrument.
Main Risks: Legal Uncertainty and Sanctions
Experts are unanimous in their assessment of the threats. The key risks fall into three categories:
- Legal: A tokenized stock is a derivative, not a real security. The investor has no rights to the underlying asset. In case of problems with the exchange (bankruptcy, freeze), they risk losing everything. The legal status of such transactions is in a gray zone due to the lack of clear regulation.
- Sanctions: High probability of account freezing due to Russian citizenship. Platforms operating under US or EU jurisdiction can freeze assets at any moment.
- Infrastructural: Complete dependence on the foreign platform's rules. Lack of the usual property rights protection.
Fyodor Ivanov, Director of Analytics for AML/KYT at operator SHARD, adds another important aspect: difficulties in confirming the legality of income when returning it to the Russian banking system. The bank may simply not accept explanations of the origin of funds from trading crypto derivatives.
What's Next? Regulatory Prospects
Opinions on the future diverge. Yaroslav Kabakov and Alexander Nam expect the emergence of safe domestic analogs—Digital Financial Assets (DFAs) on foreign securities and tokenized RWAs (Real World Assets). They believe that licensed Russian products will eventually displace the gray segment.
Igor Plotnikov, on the contrary, sees the upcoming regulation not as displacement, but as a long-awaited clarification of the rules of the game. In his opinion, after the law on digital currency comes into force, citizens will be able to legally buy tokenized assets with cryptocurrency. The ban will only affect the direct use of Russian payment infrastructure—buying USDT for rubles on a licensed platform, withdrawing them abroad, and purchasing assets there will be legal.
Conclusion
Trading US stocks through crypto derivatives is a real but high-risk instrument. It is only suitable for experienced participants ready for full independence and aware of all legal and sanctions threats. This method is unlikely to become widespread until clear and safe regulatory frameworks emerge, which will likely be created in the form of domestic DFAs.
My professional assessment: until the Russian legislator creates a transparent mechanism for such operations, trading tokenized stocks through foreign exchanges will remain the domain of "gray" schemes and experienced traders willing to play by rules that can change at any moment. The risk of capital loss here significantly outweighs the potential returns for an unprepared investor.