Binance crypto exchange has joined the Association of Russian Banks

Binance, one of the world's largest exchanges for trading cryptocurrency assets, has joined the Association of Banks of Russia. This became known from the message of the exchange itself, which states that «the presidium of the Council of the Association of Banks of Russia approved the entry of Binance into the association and decided to create an Expert center on digital financial assets and digital currencies.»

Representatives of the exchange noted that joining the ADB is also due to the desire to ensure interaction with federal authorities, legislators and Russian experts in the field of digital financial assets.

As noted, the Expert center will prepare professional judgments on the turnover of digital financial assets and digital currencies, provide expert and analytical materials, as well as generalize international experience.

According to CoinMarketCap – a platform that ranks and evaluates crypto exchanges based on traffic, liquidity, trading volumes – Binance ranks first in daily trading volume ($69 billion), followed by Coinbase Exchange, FTX, Kraken and Huobi Global. 

What is the situation with the cryptocurrency market in Russia today? 

In early February, the Government of the Russian Federation approved the concept of the development of the cryptocurrency market in Russia, based on the proposals of the Ministry of Finance. In particular, now all foreign crypto exchanges will have to open representative offices in the Russian Federation and have integration with Russian banks. In addition, withdrawal of funds through accounts/electronic wallets opened not in the system of authorized Russian banks will be prohibited. Also, foreign crypto exchanges will have to have a license to carry out exchange activities in accordance with the requirements of the legislation of the country of their location.