Binance Plans To Open Office In Russia: Report

Binance plans to open office In Russia as part of its next global expansion efforts that could include other countries as well like Ukraine and Kazakhstan so let’s read more in our latest Binance news.

The world’s leading crypto exchange Binance plans to open an office in Russia into expanding the service to the country and other neighboring countries. The company believes there is a lot of prospects for new regulations in the area that can boost the business. Earlier this year, Russia was seemingly following China’s path and imposed a ban after the proposal from the country’s central bank but right after that, the President of the Russian Federation Vladimir Putin noted that the digital asset mining industry that can benefit the nation.

Ivan Chebeskov who is a member of the Ministry of Finance said that a complete ban of the asset class is not necessary so he insisted that regulation is better to be adopted. While the country’s authorities are contemplating what rules to implement, Binance aims to expand its operations in Russia. Gleb Kostarev who is the Eastern European Director of Binance said the company’s goal is to secure a new license where the regulations allow. He added that the exchange hopes for a new and progressive regulatory approach from Russia towards the crypto-asset universe. The local investors generated an annual volume of the transaction at $5 billion which is of importance for Binance.

The executive pointed out that besides Russia, the trading venue could expand in other neighboring states like Ukraine:

“In Ukraine, Kazakhstan, and Uzbekistan, they are more loyal to cryptocurrencies and are taking steps towards liberalization, rather than restriction.”

At the end of 2021, the company shook hands with MDI and PT Bank Central Asia in order to create a crypto venture in Indonesia. PT Bank is controlled by the wealthiest family in the country Budi and Michael Hartono. While Indonesia is known as a fast-expanding economy but still a huge proportion of the population doesn’t have access to basic financial services. Binance plans to provide other opportunities for those in need.

The company later collaborated with the Gulf Energy Development PCL to establish an exchange in Thailand. Binance even made a deal with the Argentina Football Association.