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Russian clients have shifted their trading activities to other platforms as Binance withdraws from Russia's crypto market.
Nevertheless, difficulties in attracting these users have arisen for CommEX, the company that has taken over Binance's businesses in Russia. There was a significant decrease in peer-to-peer transaction activity, from 10 % to 30%, according to Satoshkin's CEO Dmitry Stepanin, accompanying this migration.
A growing number of clients are turning to alternative trading platforms for their cryptocurrency trade requirements following Binance's exit from the Russian market. Initially, it was estimated that around one million clients would be attracted by CommEX, the company that assumed trading operations for Binance in this country. However, a large number of those clients are not comfortable with CommEX.
The number of peer-to-peer activities has decreased significantly between 10% and 30%, according to Dmitry Stepanin, the CEO of Satoshkin. Binance had more than 7,700 rubles daily P2P transaction ads at the beginning of 2023. By the middle of the year, the number had fallen to 6,300, then dropped to 3,400 by September. No data was available on the Binance exchange about transactions in rubles from October 3.
Dmitry Stepanin noted that crypto traders are increasingly using platforms such as ByBit due to the active marketing campaigns of the exchange. Increased user activity has also been reported on several exchanges, including Huobi, Bitget, Kucoin, and Gate.io which offer similar features to Binance.
Due to recent developments, many crypto enthusiasts from Russia and Ukraine are seeking sanctuary in Hong Kong for their digital assets. Crypto founder Merton Lam shows how crypto was very important in the investment portfolios of high-net-worth individuals in Hong Kong.
The pressure of the U.S. regulators played a major role in Binance's departure from Russia. There are allegations that the exchange was involved in money laundering and sanctions evasion. In addition, several restrictions on Russian users have been put in place by Binance including a limit to the number of wallets and currency transfers within their P2P platform.
It is clarified that Binance does not exit the market by Sergei Mendelevich, Chief Executive Officer of Indefi Smart Bank. They're renaming themselves in Russia, to improve the effectiveness of their operations. On the company website, there are no formal documents relating to Russian ownership of the CommEX project
Nevertheless, difficulties in attracting these users have arisen for CommEX, the company that has taken over Binance's businesses in Russia. There was a significant decrease in peer-to-peer transaction activity, from 10 % to 30%, according to Satoshkin's CEO Dmitry Stepanin, accompanying this migration.
A growing number of clients are turning to alternative trading platforms for their cryptocurrency trade requirements following Binance's exit from the Russian market. Initially, it was estimated that around one million clients would be attracted by CommEX, the company that assumed trading operations for Binance in this country. However, a large number of those clients are not comfortable with CommEX.
The number of peer-to-peer activities has decreased significantly between 10% and 30%, according to Dmitry Stepanin, the CEO of Satoshkin. Binance had more than 7,700 rubles daily P2P transaction ads at the beginning of 2023. By the middle of the year, the number had fallen to 6,300, then dropped to 3,400 by September. No data was available on the Binance exchange about transactions in rubles from October 3.
Dmitry Stepanin noted that crypto traders are increasingly using platforms such as ByBit due to the active marketing campaigns of the exchange. Increased user activity has also been reported on several exchanges, including Huobi, Bitget, Kucoin, and Gate.io which offer similar features to Binance.
Due to recent developments, many crypto enthusiasts from Russia and Ukraine are seeking sanctuary in Hong Kong for their digital assets. Crypto founder Merton Lam shows how crypto was very important in the investment portfolios of high-net-worth individuals in Hong Kong.
The pressure of the U.S. regulators played a major role in Binance's departure from Russia. There are allegations that the exchange was involved in money laundering and sanctions evasion. In addition, several restrictions on Russian users have been put in place by Binance including a limit to the number of wallets and currency transfers within their P2P platform.
It is clarified that Binance does not exit the market by Sergei Mendelevich, Chief Executive Officer of Indefi Smart Bank. They're renaming themselves in Russia, to improve the effectiveness of their operations. On the company website, there are no formal documents relating to Russian ownership of the CommEX project
