The world’s leading digital asset platform – Binance – is reportedly considering expanding its services to Russia and its neighboring countries. The company believes there are many prospects for new regulations in this area that could boost its business.
Russia Is an Attractive Region for Binance
Earlier this year, it seemed like Russia would follow China’s path and impose a total crypto ban after a proposal from the country’s central bank. Shortly after, though, the President of the Russian Federation – Vladimir Putin – opined that the digital asset mining industry could benefit his nation.
In turn, Ivan Chebeskov – a member of the Ministry of Finance – said that a complete ban on the asset class was not necessary. Instead, he insisted that regulation is a better step to take.
And while the county’s authorities are contemplating what rules to implement, Binance – the biggest cryptocurrency exchange – intends to expand its operations on Russian soil, Reuters reported.
Gleb Kostarev, Binance’s Eastern Europe Director, said the company’s goal is to license wherever regulations allow. He added that the exchange hopes for a phased regulatory approach from Russia towards the digital asset universe.
Furthermore, local investors generated an annual volume of crypto transactions at about $5 billion, which is of strategical importance for Binance, Kostarev revealed.
The executive also pointed out that besides Russia, the business platform could expand to neighboring states such as Ukraine:
“In Ukraine, Kazakhstan, and Uzbekistan, they are more loyal to cryptocurrencies and are taking steps towards liberalization, rather than restriction.”
The Latest Binance Global Extensions
At the end of 2021, the company shook hands with MDI and PT Bank Central Asia to establish a cryptocurrency business in Indonesia. Interestingly, PT Bank is controlled by the Budi brothers and Michael Hartono (the richest family in the country).
While Indonesia is known as a rapidly emerging economy, a considerable proportion of its population lack access to basic financial services. As such, Binance plans to provide some opportunities for those in need.
A few weeks later, the company collaborated with Gulf Energy Development PCL – owned by Thai billionaire Sarath Ratanavadi – to establish a digital asset exchange in Thailand.
Subsequently, Binance inked a deal with the Argentine Football Association (AFA). As a result, the former became the new Global Main Sponsor of Argentina’s national soccer team and the Naming Sponsor of the Professional Soccer League.
