Binance Tapped Former Central Bank Exec To Push Compliance In Russia

Binance tapped former central bank executive Gleb Kostarev, to push for more compliance in the CIS and Russia regions as some of the world’s biggest crypto miner regions so let’s read more in today’s Binance news.

Binance is the world’s biggest crypto exchange and it is putting more effort into increasing compliance in the Commonwealth of the Independent States, Ukraine, and Russia. Binance plans to extend operations in the region and to boost local crypto compliance and education which is why Binance tapped former central bank executive Gleb Kostarev head of operations for Russia and the CIS at Binance. The company expects to focus on the local Binance Smart chain Development and community.

As a part of the effort, Binance announced a few local hires including the new director of government relations in Russia, Olga Goncharova. She served at the Bank of Russia as director of the bank’s report processing department from 2014 and was responsible for processing financial statements from the companies under the bank’s supervision leading several Bank of Russia’s projects related to the fintech and digital transformation:

“Binance places a great emphasis on regulation and compliance in jurisdictions of operation. Binance’s unique community, cutting-edge technology, and innovative approach to work give Binance great opportunities for further development.”

Vladimir Serkis as the co-founder of crypto platform Tokenbox also joined the exchange as the Director of binance Russia. Other new regional hires include ex-BNP Paribas executive Kiril Khomaykov who acts as a general manager of Binance Ukraine. Kostarev noted:

“With a proven track record, the new executives will certainly have a positive impact on Binance’s growing presence in Russia, Ukraine, and Eastern Europe.”

The latest only marks a significant strategic move by Binance as the region was emerging as one of the world’s biggest crypto spots and mining centers. Kazakhstan as a major CIS member state is the second BTC-mining country after the US with 18% of the total BTC hash rate as of October 2021. After Kazakhstan, Russia produced 11% of the entire global BTC mining hash rate and it is the third-largest visitor of Binance’s website as per the data from SimilarWeb.

As recently reported, Binance becomes the official sponsor of the African cup of Nations as the crypto marketing trend continues with the biggest cryptocurrency exchange in the world.