Without the Wallet: How Eastern Europe’s Top Exchanges Bypass Onchain Trading
Two Eastern European exchanges are widening access to digital assets within days of each other, offering a glimpse of how crypto is being absorbed into traditional markets without requiring investors to move onchain.
Summary:
- Traditional exchanges are finding different ways to package crypto exposure.
- Warsaw is widening access through conventional securities accounts.
- Moscow is adapting a crypto-native derivatives format for its regulated market.
- Both models keep investors largely inside existing financial infrastructure.
On September 17, Virtune listed its Hyperliquid ETP on the Warsaw Stock Exchange. Moscow Exchange will follow on September 22 with perpetual futures linked to Bitcoin, Ethereum, Solana, XRP and TRON. The launches are unrelated, but the structures reveal two distinct approaches to bringing crypto exposure into established securities and derivatives markets.
Two Markets, Two Routes Into Crypto
The clearest difference is not which cryptocurrencies are available, but what sits between the investor and the underlying market.
The regulatory logic behind those structures is just as different.
Russia’s approach reflects a framework introduced by the Bank of Russia in May 2025. Financial institutions can offer qualified investors derivatives, securities and digital financial assets whose returns depend on cryptocurrency prices, provided the products do not involve delivery of the underlying crypto. The central bank has maintained a cautious position toward direct cryptocurrency investment.
MOEX’s contracts fit squarely inside that framework.
Moscow Imports the Perpetual Model
Perpetual futures are closely associated with crypto-native trading venues, where they became one of the industry’s dominant instruments because positions can remain open without a conventional expiration date.
MOEX is adapting that concept to infrastructure it already uses for other asset classes. Its version consists of one-day contracts with automatic rollover, extending a perpetual format the exchange already offers across currencies, indices, metals and securities.
The decision also comes with evidence of existing demand.
More than 72,000 qualified investors have traded MOEX’s crypto-linked futures since the exchange introduced its first products in summer 2025, generating cumulative turnover above RUB 600 billion.
Maria Patrikeeva, managing director of the MOEX Derivatives Market, said the exchange has seen strong investor interest in crypto-linked derivatives and is expanding the product range in response. The new contracts provide another way to maintain exposure without repeatedly shifting positions between dated futures.
The September launch therefore does more than add five tickers. It tests whether a trading format developed largely inside offshore crypto markets can gain meaningful activity when reconstructed within a conventional exchange and clearing environment.
Warsaw Solves a Different Problem: Access
Virtune’s Polish expansion is less about creating a new trading mechanism and more about making an existing crypto asset accessible through familiar investment infrastructure.
Hyperliquid is particularly notable in that context. The network was built around onchain trading and has become a major venue for decentralized perpetual futures. Its native HYPE token is now being offered to traditional investors through a security that can sit alongside conventional investments in a brokerage account.
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Virtune charges a 0.95% annual management fee for the product and uses institutional custody for the assets backing its securities.
The Warsaw launch expands a product that was previously introduced on Xetra and later made available in Stockholm and Helsinki.
Poland also represents a broader expansion market for the issuer. Virtune entered the country earlier this year and now offers eight crypto ETPs on the Warsaw Stock Exchange. Across its European business, the company reports 23 products and approximately $320 million in assets under management.
The more interesting question is whether distribution can create a new investor base for HYPE rather than simply another venue for existing demand.
Crypto Adoption Without Moving Investors Onchain
Together, the two launches challenge one of the industry’s older assumptions: that broader crypto adoption necessarily means moving more users onto blockchain-based financial applications.
Traditional finance is increasingly pursuing the reverse strategy.
Brokerages can expose clients to digital assets while custody, settlement, clearing and compliance remain largely behind familiar interfaces. The blockchain or crypto market becomes part of the product’s infrastructure rather than something the end investor necessarily needs to operate.
There is an important economic consequence.
A physically backed ETP must acquire assets as securities are created, establishing a link between product demand and the underlying token. A cash-settled derivative can generate substantial trading activity without requiring equivalent purchases of the referenced cryptocurrency.
That makes headline trading volumes an imperfect measure of how much new capital is actually reaching crypto assets.
Two Different Tests Begin Now
MOEX and Warsaw will consequently need to be judged by different metrics.
For Moscow, open interest and trading volume after September 22 will show whether perpetual futures expand the existing crypto derivatives market or primarily shift activity away from dated contracts.
For Virtune, assets under management, turnover and trading spreads will be more informative. Those figures can show whether adding HYPE to another traditional exchange actually attracts capital from investors who would not otherwise hold the token.
The larger experiment is happening above both markets. Traditional exchanges are no longer simply deciding whether to offer crypto exposure. They are beginning to determine which parts of the crypto experience investors actually need to see at all.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
