Crypto exchange Binance has reportedly lifted restrictions on its services for Russian users, allowing them to resume trading on the platform.
The move follows the exchange’s exit from the Russian market in 2022 due to regulatory pressure.
According to a report by RBC, Binance is now back in Russia and has removed the restrictions it imposed on Russian users last year.
The report cites anonymous sources familiar with the matter, who claim that the exchange has lifted restrictions on deposits and withdrawals in rubles, as well as on trading in cryptocurrencies.
The move is significant for Binance, which is one of the largest crypto exchanges in the world. Russia has a large and growing crypto community, and the lifting of restrictions will allow Binance to tap into this market once again.
Binance first entered the Russian market in 2019, but was forced to exit in 2022 after the country introduced new laws governing crypto assets. The laws required crypto exchanges to register with the central bank and obtain a license, which Binance was unable to do.
At the time, Binance said it would work with regulators to find a solution, but it has taken more than a year for the exchange to return to the Russian market.
The lifting of restrictions on Russian users is part of a broader strategy by Binance to expand its services in Russia and other markets around the world. The exchange has been expanding rapidly in recent years, adding new features and services to its platform, and acquiring other companies in the crypto space.
Binance CEO Changpeng Zhao has been vocal about his ambitions to make the exchange the leading crypto platform in the world, and the lifting of restrictions in Russia is a step towards that goal.
The move is also likely to be welcomed by the Russian crypto community, which has been growing in recent years despite regulatory challenges. Russia has been slow to adopt clear regulations around crypto assets, but there are signs that this may be changing.
In January 2023, the Russian government introduced a new bill that would legalize crypto mining and provide some regulatory clarity around the industry. The bill is still being debated in parliament, but if passed, it could provide a boost to the crypto industry in Russia.
The lifting of restrictions by Binance is a positive development for the Russian crypto community, and could help to drive further adoption of crypto assets in the country.
With Binance back in the market, Russian users will have access to one of the largest and most trusted crypto exchanges in the world, which could help to build confidence in the industry as a whole.
Binance Russia
Overall, the return of Binance to the Russian market is a significant development for both the exchange and the Russian crypto community.
It is a sign that Binance is committed to expanding its services in new markets, and that Russia is an important part of its growth strategy. With regulatory uncertainty beginning to lift in Russia, the stage is set for further growth in the crypto industry in the country.