Despite Russia’s Ban Binance Aims at Conducting Business In the Country

Recently the Bank of Russia pretty much banned cryptocurrencies in the country after it sent out guidelines highlighting the restrictions on mining as well as transactions within the country.

While the decision did not have an impact as terrible as China’s ban did, it certainly ruffled some feathers as even the President of Russia did not completely agree with the ban.

Binance Wants To Expand

The biggest cryptocurrency exchange in the world is yet to tap into some major markets around the globe and the interiors of Russia is one of those places. While transactions and mining have been restricted trading is still open in the country and Binance aims on capturing the opportunity provided it happens the right way.

In a statement to Reuters, Binance’s Eastern European Director – Gleb Kostarev said:

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

According to Kostarev Russia is an important location for Binance, and as per the central bank, the country conducts about $5 billion worth of cryptocurrency transactions annually. This is what Binance would certainly like to be a part of. 

As it is Binance handles over $14.8 billion worth of transactions in 24 hours, thus entering Russia would serve as a significant advantage for the exchange.

Adding on to the same Kostarev stated:

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

After the ban was announced, it was opposed by many including Russia’s Ministry of Finance as well as the President of Russia, Vladimir Putin.

The Russian Finance Ministry, backed by President Putin himself, sent out a proposal to the central bank which suggested that instead of absolutely banning cryptocurrencies, the bank should be looking into taxing and regulating mining.

While a response is awaited from the bank, there at least remains some hope for Russian cryptocurrency investors.

Binance’s Performance

While the exchange has been doing just as well as you’d expect, its token, unfortunately, hasn’t been performing so hot. The Binance Coin certainly registers major rises every other day but it’s balanced out by the bearishness from the following day.

Trading at $377, the coin is at least keeping away from its $342 support level.