While Binance has stopped its services in countries such as Israel due to licensing issues, the world’s largest cryptocurrency exchange by trading volume continues to strengthen its relations with Russia.
Binance Joins the Russian Banks Association
Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Thursday that it has entered the Banks Association of Russia, which aims to facilitate dialogue with local authorities, lawmakers and experts in the cryptocurrency industry.
Founded in 1990, the association includes more than 300 banks and financial institutions in Russia and covers about 90% of the country’s banking infrastructure.
The association’s council has approved Binance’s membership in the association and launched a dedicated expert center for digital financial assets and digital currencies. It was stated that the mission of the expert center is to prepare professional reviews on the circulation of digital assets in Russia and report to the association and its representatives on the international experience in the processing of crypto assets, as well as expert data on the subject.
Olga Goncharova, Binance’s director of Russia and the Commonwealth of Independent States (CIS), will lead the association’s expert center, which has been approved by the association’s presidential council. Goncharova joined the leading crypto exchange in January to support compliance efforts in Russia and the CIS. Goncharova was also a divisional manager at the Bank of Russia before joining Binance.
Introducing Goncharova, the head of the Association, Georgy Luntovsky, stated that he will be responsible for the proper monitoring of the circulation of digital currencies in Russia, and continued his speech;
“In our view, he is a good candidate to lead the platform where the expert community can discuss approaches to the regulation and development of digital financial assets.”
Binance Has A Solid History In It
Gleb Kostarev, director of Binance’s Eastern Europe division, expressed confidence that Binance’s expertise in the cryptocurrency industry will be positively received by the Russian banking community.
Gleb Kostarev gave the following statements in the continuation of his statements on the subject;
“We are on the verge of a global transformation in cryptocurrency regulation. As the world’s largest cryptocurrency platform, Binance has a solid track record of working with regulators.”
On the other hand, the giant cryptocurrency exchange Binance is known for its close collaboration with local blockchain advocates as well as some state-sponsored Russian entities.
In 2021, Binance provided the non-exchangeable token (NFT) platform to the Russian State Hermitage Museum to help the museum’s tokenized collections raise over $440,000 in an NFT auction. Binance executives were also advocating crypto industry adoption as part of a Russian crypto lobby group in 2020.