Despite Sanctions Cryptocurrency Exchanges Eye Russia for Expansion

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Sanctions imposed by governments as part of geopolitical struggles do not always filter into under-regulated industries. Ambitious companies covet all opportunities for expansion and diversification. That seems to be the reason why a growing number of crypto exchanges are turning their attention to Russia and its diaspora, despite the disapproval that this entails from US officials.

The presence of Major Platforms Increases in the Russian World

Since the annexation of Crimea, the resurgence of Russia as an aspiring military, political and economic power on the world stage has been met with a growing list of Western sanctions, the most extensive containment measures against Moscow since the Cold War. Undoubtedly, they have made a dent in the Russian economy and have deterred many foreign investors. However, this is not necessarily the case of the crypto industry, which seeks to expand operations after a prolonged slowdown. Despite the sanctions, the main exchanges of digital assets have focused on Russia and the Russian world. According to a current report, interest in cryptocurrencies has remained relatively stable over the past year.

Binance, the largest exchange by volume of daily transactions, has not restricted access to its platform for Russian users, despite isolating traders from several other countries under US sanctions, such as Iran and Belarus. In addition, the Chinese crypto company hired a special representative for Russia, Gleb Kostarev, who recently told Forklog that the Russian Federation and the CIS countries are some of the biggest and most important markets for Binance, with a large potential for future growth. The platform’s website is now available in Russian and Russian language support is offered to VIP clients.

The establishment of a Russian office is in Binance’s plans, but the company prefers to first see the comprehensive regulations for the crypto industry in the country. But Huobi, which is the fourth largest crypto exchange, is obviously not bothered about the lack of regulations. Already settled in Russia and launched a dedicated platform, Huobi Russia. It maintains a call center and online support in Russian language 24 hours a day. Huobi is also partnering with the Russian state development bank, VEB, to provide legal assistance to crypto companies and the oldest business school in the country, the Plekhanov University of Economics, in an educational program. Another exchange that is planning a Russian expansion is Kucoin. It’s website already has a Russian version too.

Buying Cryptocurrencies With Rubles

Amongst other crypto trading platforms with Russian-support include Exmo, possibly the largest exchange of digital assets in Eastern Europe, and Bitmex, based in Hong Kong.

Exmo, based in the United Kingdom, which is also represented in both Moscow and Kiev, offers pairs of major cryptocurrencies with the Russian ruble and supports several payment methods that are popular in this part of the world, including deposits and withdrawals of cards , bank transfers In local currency, Qiwi, Yandex Money, Webmoney and other payment processors.

Peer-to-peer crypto trading platforms are also taking care of Russian-speaking users. The popular exchange Localbitcoins has a website in Russian dedicated to traders of the Russian Federation, where most offers are priced in rubles and traders use popular payment methods in Russia. Another P2P platform, Hodl Hodl, based in Latvia, recently declared the launch of BTC and LTC sales in pairs with the Russian ruble. It also expanded its list of exchanges with rates that can be referenced in the offers, adding Binance and Exmo.