Crypto giant Binance is reportedly seeking ways to expand to Russia and the surrounding countries. The company, the global leader in crypto trading and the world’s leading digital asset platform, believes there is a lot of potential for new regulations in the area that could boost its business.
Binance Sees Russian Markets as an Attractive Region
Russia seemed to be on track to follow China’s path and impose a crypto ban following a proposal from its central bank earlier this year. The President of the Russian Federation, Vladimir Putin, added that the digital asset mining industry could benefit his nation shortly afterwards.
Similarly, Ivan Chebeskov, a member of the Ministry of Finance, said a complete ban on the asset class is unnecessary, and that regulation is a better approach. Reuters reported that while the country’s authorities consider what rules to implement, Binance – the biggest cryptocurrency exchange – plans to expand its operations on Russian soil.
Binance director of Eastern Europe, Gleb Kostarev, said that the company aims to secure a license wherever the laws permit such a move. He added that Binance looks forward to a progressive regulation approach from Russia towards digital assets.
Kostarev also said that Binance generates an annual volume of about $5 billion in crypto transactions from local investors, which is strategically important to the company.
In addition to Russia, the executive mentioned that the trading venue may expand to neighbouring states as well: “In Ukraine, Kazakhstan, and Uzbekistan, they are more open to cryptocurrencies and taking steps toward liberalization, rather than restriction.”
Binance’s Latest Global Expansions
The company created a cryptocurrency venture in Indonesia with MDI and PT Bank Central Asia at the end of 2021. PT Bank Central Asia is controlled by the Hartono brothers, one of Indonesia’s wealthiest families.
Indonesia is a rapidly emerging economy; however, many Indonesians lack access to basic financial services, which Binance intends to correct. The firm then collaborated with Gulf Energy Development PCL, owned by the Thai billionaire Sarath Ratanavadi, to establish a digital asset exchange in Thailand.
Binance then inked a deal with the Argentine Football Association (AFA). In doing so, it became the new Global Main Sponsor of Argentina’s national soccer team and the new Naming Sponsor of the Professional Soccer League.