TL;DR Breakdown
• The crypto trading platform plans to talk with Russian regulators.
• Binance plans to comply with all Russian anti-cryptocurrency laws.
2022 promises new developments in the crypto market, and Binance seems to lead every technological development. The world’s largest and most widely traded crypto platform recently announced that it seeks to contact Russian investors and neighboring countries. The exchange will try to comply with the rules established by the regulators in each territory to function normally.
Meanwhile, some politicians in Russia have been close to the laws applied by the central entity against cryptocurrencies. Russian regulators want to curb decentralized trading due to the token’s instability in their value and the problems caused by crypto-mining. However, the pro-cryptocurrencies believe that the virtual market could create a new financial world that Russia would benefit from.
Binance crypto exchange in Russia
Russia has been hesitant about decisions to make in the crypto market. On one side are regulators seeking to block virtual trading for various reasons, and on the other are Russian MPs who want flexibility in anti-crypto laws. However, Vladimir Putin, the president of Russia, has asked the bank to reach a political agreement that includes cryptocurrencies.
The CEO of the Binance Exchange in Eastern Europe, Gleb Kostarev, clarifies that his goal is to have all the licenses to operate within the country. Kostarev is looking forward to meeting with Russian regulators to discuss their complaints towards the crypto market. In this way, the head of the exchange in Europe hopes it will reach a key agreement that will allow them to offer their services to Russian investors.
Russia’s approach to the crypto market
The agent in charge of Binance in Europe clarifies that Russia has a range of crypto operations that exceed five billion dollars. This means that Russian citizens have been very receptive towards the decentralized market but have lacked exchanges to work with them to the fullest.
Kostarev also focuses on countries like Uzbekistan, Kazakhstan, and Ukraine that have been friendly to crypto. However, the head of the Binance company also clarifies that each country’s regulations have stopped decentralized trading from growing.
If Binance reaches Russia, the Bitcoin adoptions volume will likely rise out of control, which will help the crypto reach new all-time highs in its price. The exchange has been a success in Latin America and some European countries. But he has also fought several disputes where he is accused of money laundering.
It will be necessary to wait for the Russian regulators to meet with the exchange director to reach an agreement. Russia has created laws against cryptocurrencies since 2020, but it was not until 2021 that its regulations were enforced.
Source: https://www.cryptopolitan.com/binance-expand-its-services-in-russia/