Binance exchange is apparently considering expanding its services to Russia and its neighbours. The President of Russia’s comment or even the new cryptocurrency laws in the area may have a lot of potentials to grow the exchange’s operations.
Following a recommendation by the country’s central bank earlier this year, it appeared like Russia would follow China’s lead and impose a blanket crypto prohibition. However, President of the Russian Federation Vladimir Putin remarked shortly after that the digital asset mining business may benefit his country.
Ivan Chebeskov, a member of the Ministry of Finance, responded by saying that a comprehensive ban on the asset class is unnecessary. Instead, he believes that regulation is the superior option.
Binance in Russia
While the county’s officials consider what restrictions to enact, Binance, the world’s largest cryptocurrency exchange, plans to extend its operations on Russian soil, according to Reuters.
Binance’s Eastern European Director, Gleb Kostarev, stated that the company’s goal is to obtain a license wherever regulations allow it. He went on to say that the exchange is hoping for a more progressive regulatory approach from Russia when it comes to the digital asset world.
Furthermore, local investors contributed a $5 billion annual volume of crypto transactions, which is crucial for Binance, according to Kostarev. The executive also mentioned that, in addition to Russia, the trading arena may expand into neighbouring countries such as Ukraine:
“They are more loyal to cryptocurrencies in Ukraine, Kazakhstan, and Uzbekistan, and are taking moves toward liberalization rather than prohibition.”
Russia, Ukraine, Kazakhstan, and Uzbekistan could be among Binance’s next worldwide expansion targets.
Subsequently, Binance inked a deal with the Argentine Football Association (AFA). As a result, the former became the new Global Main Sponsor of Argentina’s national soccer team and the Naming Sponsor of the Professional Soccer League.
