Binance will try to expand its offerings in Russia

Binance exchange is planning to expand its crypto offerings in Russia, however exchange is less hopeful to get more better stance from Russian government on crypto industry.

Binance is a top crypto exchange in this industry. This exchange is known for its quality crypto services. In 2021, this exchange faced huge scrutiny issues but still, the exchange grabbed huge growth and development in its services and also proved its services better under compliance. 

On 27 January, Gleb Kostarev, Binance’s Eastern European Director, appeared in an interview with Reuters. In the interview, Gelb shared the plans of the Binance exchange in Russia amid ongoing negative heat against the crypto industry in Russia. 

“In Ukraine, Kazakhstan, and Uzbekistan they are more loyal to cryptocurrencies and are taking steps towards liberalization, rather than restriction. But local regulators are taking these steps with an eye on Russia.”

Further, Glen said that the Binance exchange aimed to get a license, where crypto businesses are legal. 

“Our goal is to obtain a license and conduct legal business where the regulation allows.”

Glen said that Binance has very less expectations from Russia to show a progressive approach to adopt this industry over other countries’ approaches. 

The Binance director also noted that any negative decision by the Russian government on the crypto industry may influence other neighboring countries also. 

Russia crypto regulation or Ban? 

At present, crypto trading is legal in Russia under the crypto law of Russia introduced on 1 January 2021. 

Recently the finance ministry submitted its crypto regulation proposal bill to the deputy chairman of the government of Russia, Dmitry Chernyshenko. And also reportedly Russian President Putin declared that crypto mining has better opportunities, however, he is known as the biggest hater of the crypto industry. 

But besides all these, the Bank of Russia is in favor of crypto-ban ideology. 

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