{"id":213367,"date":"2022-01-28T11:30:18","date_gmt":"2022-01-28T11:30:18","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=213367"},"modified":"2022-01-28T09:45:33","modified_gmt":"2022-01-28T09:45:33","slug":"crypto-exchange-binance-hopes-for-regional-expansion-in-russia","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-exchange-binance-hopes-for-regional-expansion-in-russia\/","title":{"rendered":"Crypto exchange Binance hopes for regional expansion in Russia"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\"><span style=\"font-weight: 400;\">Binance<\/span><\/a><span style=\"font-weight: 400;\"> aims to expand its cryptocurrency exchange in Russia and its neighboring states, where the firm sees possibilities for growth and development under proper regulatory measures.\u00a0<\/span><\/p>\n<h2><b>Binance is hoping to expand crypto activities in Russia.\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In an interview with <\/span><a href=\"https:\/\/www.reuters.com\/technology\/crypto-giant-binance-hopes-russia-will-help-regional-growth-2022-01-27\/\"><span style=\"font-weight: 400;\">Reuters<\/span><\/a><span style=\"font-weight: 400;\">, Binance's Eastern European director Gleb Kostarev stated that the Russian crypto market sees roughly $5 billion worth of transactions in a year and is of strategic importance to Binance due to its immense growth prospects.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exchange had <a href=\"https:\/\/www.binance.com\/ru\/blog\/leadership\/binance-%D0%BE%D0%B1%D1%8A%D1%8F%D0%B2%D0%BB%D1%8F%D0%B5%D1%82-%D0%BE-%D0%BD%D0%BE%D0%B2%D1%8B%D1%85-%D0%BD%D0%B0%D0%B7%D0%BD%D0%B0%D1%87%D0%B5%D0%BD%D0%B8%D1%8F%D1%85-%D0%B2-%D1%80%D0%BE%D1%81%D1%81%D0%B8%D0%B8-%D0%B8-%D1%83%D0%BA%D1%80%D0%B0%D0%B8%D0%BD%D0%B5-421499824684903273\">recently<\/a> recruited three new executives to leadership positions in Russia and Ukraine, in a bid to bolster its position as one of the prominent cryptocurrency exchanges in the region.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kostarev further added that the exchange hopes for the government to take a progressive approach in regulating cryptocurrencies.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;Our goal is to obtain a license and conduct legal business where the regulation allows,&#8221; Kostarev told Reuters.\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Kostarev also addressed the Central bank's proposal to ban cryptocurrency calling it a harsh decision. He also added,&#8221; For now, we consider this as an invitation to dialogue with the regulator.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Russia is known to have strictly disapproved of cryptocurrency trading in the region, citing issues concerning money laundering and funding terrorism. The country gave it a legal status in 2020 but did not allow crypto to be used for payments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kostarev also stated that Russia's approach could be instrumental in determining how other nations would deal with cryptocurrency regulation.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;In Ukraine, Kazakhstan, and Uzbekistan they are more loyal to cryptocurrencies and are taking steps towards liberalization, rather than restriction,&#8221; he added. &#8220;But local regulators are taking these steps with an eye on Russia.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Earlier this month, Russia grappled with a growing <\/span><a href=\"https:\/\/cryptoslate.com\/russias-central-bank-releases-a-damning-report-proposing-a-blanket-ban-on-crypto\/\"><span style=\"font-weight: 400;\">outcry<\/span><\/a><span style=\"font-weight: 400;\"> to ban cryptocurrencies and crypto mining processes in the region. However, the president of Russia, Vladimir Putin, has softened his stance on cryptocurrency, prompting its government to reach a favorable <\/span><a href=\"https:\/\/cryptoslate.com\/why-putin-says-russia-has-competitive-advantages-in-crypto-mining\/\"><span style=\"font-weight: 400;\">consensus<\/span><\/a><span style=\"font-weight: 400;\"> on the matter. Still, a definite order on its status in the country is yet to be determined.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Russia, which is the <\/span><a href=\"https:\/\/ccaf.io\/cbeci\/mining_map\"><span style=\"font-weight: 400;\">third-largest<\/span><\/a><span style=\"font-weight: 400;\"> country when it comes to mining cryptocurrency, contributed nearly an <\/span><a href=\"https:\/\/www.statista.com\/statistics\/1200477\/bitcoin-mining-by-country\/\"><span style=\"font-weight: 400;\">11.2<\/span><\/a><span style=\"font-weight: 400;\">% hash rate to the global Bitcoin network in August 2021. The country's cold climate makes it easier for crypto mining firms to utilize the country's cheap electricity to mine crypto.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance aims to expand its cryptocurrency exchange in Russia and its neighboring states, where the firm sees possibilities for growth and development under proper regulatory measures.\u00a0 Binance is hoping to expand crypto activities in Russia.\u00a0 In an interview with Reuters, Binance&#8217;s Eastern European director Gleb Kostarev stated that the Russian crypto market sees roughly $5 [&hellip;]<\/p>\n","protected":false},"author":824,"featured_media":213391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto exchange Binance hopes for regional expansion in Russia<\/title>\n<meta name=\"description\" content=\"Binance&#039;s Eastern European director Gleb Kostarev added that the exchange is hoping that Russia will take a progressive approach in regulating cryptocurrencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-exchange-binance-hopes-for-regional-expansion-in-russia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto exchange Binance hopes for regional expansion in Russia\" \/>\n<meta property=\"og:description\" content=\"Binance&#039;s Eastern European director Gleb Kostarev added that the exchange is hoping that Russia will take a progressive approach in regulating cryptocurrencies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-exchange-binance-hopes-for-regional-expansion-in-russia\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-28T11:30:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-28T09:45:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/01\/russia-binance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Juhi Mirza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Juhi Mirza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-exchange-binance-hopes-for-regional-expansion-in-russia\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-exchange-binance-hopes-for-regional-expansion-in-russia\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#person\",\"name\":\"Juhi Mirza\",\"url\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"caption\":\"Juhi Mirza\"},\"description\":\"Juhi Mirza is an archaeology major who is obsessive about blockchain\/Crypto technology and deems it to be the foundational philosophy of the future. 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