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Report: Binance plans to expand into Russia and its neighboring countries

Report: Binance plans to expand into Russia and its neighboring countries

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Answer Report: Binance plans to expand into Russia and its neighboring countries

Recent press reports have emerged that the world’s leading cryptocurrency exchange Binance is looking at ways to expand its services to Russia and its neighboring countries.

Binance believes that there is a lot of potential and scope for expansion especially if new regulations emerge in the region that could boost its business.

Russia is an attractive region for Binance:

Earlier this year, it appeared that Russia would follow China’s path and impose a total ban on cryptocurrencies following a proposal from the country’s central bank.

Soon, the President of the Russian Federation, Vladimir Putin, saw that the crypto-mining industry could benefit his country, which we discussed in Bitcoin Arabs to return to the article from Link.

Read:Retail Traders Dominate the Bitcoin Futures Trading Market… What Does That Mean?

In turn, Ivan Chepskov, a member of the Ministry of Finance, said that a complete ban of the digital asset class is not necessary.

Instead, he insisted, regulation is the best move.

While the authorities are considering the rules that should be implemented, Binance, the largest cryptocurrency exchange, intends to expand its operations on Russian soil, the agency said. Reuters.

Gleb Kostarev, Eastern Europe Director of Binance, said:

The Company’s goal is to obtain a license where regulations permit.

Binance hopes for a progressive regulatory approach from Russia to the cryptocurrency world.

It is worth noting that local investors and traders recorded an annual volume of crypto transactions of about $5 billion, which is of strategic importance to Binance, Costarev revealed.

The CEO also noted that besides Russia, Binance may expand to Russia’s neighbors such as Ukraine, telling:

Ukraine, Kazakhstan and Uzbekistan, are more loyal to cryptocurrency and are taking steps towards liberalization rather than restriction.

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