Binance eyes expansion into Russia
In a recent interview, Gleb Kostarev, director of Eastern Europe at Binance, told Reuters. "Our goal is to obtain a license and conduct legal business where the regulation allows," adding that his company hopes for a progressive regulatory approach from Russia that could influence the approach of its neighbouring countries. He explained that Russia, where the annual volume of cryptocurrency transactions is around $5 billion, according to the Central Bank, is strategically important for Binance.He called the Central Bank's proposals to restrict trade harsh, adding, "For now, we consider this as an invitation to dialogue with the regulator." He also explained the significance of the Russian decision, saying it could affect the way countries such as Ukraine, Kazakhstan, and Uzbekistan view the crypto industry. According to him, local regulators in these countries make decisions with Russia in mind.
Crypto regulation in Russia
Russia has shown a strong desire to control its cryptocurrency market. In recent years, regulators have become more sceptical of cryptocurrencies and have recently advocated for a complete ban on cryptocurrency trading and mining. However, The Public and other government agencies have opposed this, arguing that a more moderate approach based on regulation rather than a ban would be more appropriate.Recently Russian President Vladimir Putin requested that he would like to see "the Government of Russia and the Central Bank come to some kind of unanimous opinion during the discussion." He called for a meeting between the government and the central bank soon. Putin also pointed out the benefits of crypto mining in his country
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