Binance CEO Changpeng Zhao was first in Russia at the end of October. And he declared that the country ruled by Vladimir Putin is one of the key markets of the largest crypto exchanges in the world. But why the country, which hasn’t yet regulated the cryptocurrencies, is seen as a key market for Binance?
Here are some of the reasons:
- Russia has a bill regulating cryptocurrencies. This should make the environment more friendly for investments in this area in the country.
- Binance is expanding around the world, including fiat-to-crypto exchanges. That is, they accept local deposits: Jersey Island, Uganda, Singapore and the United States. In addition to an exchange fiat on-ramp in Nigeria. Binance is headquartered in Malta.
- Russia has many “talents” in the IT development area.
- Binance is looking to take its stablecoin project, Venus, to Russia.
- The company is looking for partners who issue stablecoins pegged to national currencies.
- The Russian government announced that it was working on a sovereign national cryptocurrency, the crypto-ruble.
- There are few crypto exchanges in the country.
- Binance is talking to banks to set up a fiat to crypto payment gateway in Russia.