Digital Assets
Binance is Looking in Expanding into Russia and Surrounding Countries
Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

Binance, the largest crypto exchange in the world according to volume, is allegedly considering bringing its services to Russia, and potentially multiple surrounding countries. The exchange has always been targeting emerging markets, and it now believes that the countries surrounding Russia, and Russia itself, could be the newest market with untapped potential, that could boost its business further.
Russia decided to embrace cryptocurrency
Russia has been at a crossroads regarding cryptocurrencies for a long time now. Just a little while ago, it seemed like the country might follow in China’s footsteps, and impose a blanket ban on crypto, which is what its central bank proposed recently. However, the decision saw heavy criticism from political and tech officials, who said that a total crypto ban would not help the matter.
Critics argued that bad actors would find a way to work with crypto despite the potential ban while banning digital currencies would end any potential for development. The debate was interrupted when Vladimir Putin, the President of the Russian Federation, stated that the crypto mining industry could be beneficial for the country.
Meanwhile, the Ministry of Finance member, Ivan Chebeskov, said that it is not necessary to take such drastic measures as to ban the entire asset class. Instead, he noted that it would be better to focus on regulating the industry.
With the threat of the ban seemingly gone, the country’s authorities have started looking into what rules to implement. Not waiting for the results, Binance decided to make a move and expand its operations into Russia. The exchange’s Eastern European Director, Glem Kostarev, stated that the company now aims to secure a license whenever the regulations allow it. As for the situation in Russia, specifically, he said that Binance expects to see a progressive regulatory approach regarding digital assets.
Another encouraging detail for Binance comes from the fact that local investors managed to generate a yearly volume of around $5 billion in crypto-related transactions aline. And, as Kostarev pointed out, the exchange will spread throughout the countries surrounding Russia, as well, such as Ukraine, Uzbekistan, Kazakhstan, and potentially others. These have proven to be the most loyal to digital currencies as of late, and are taking steps towards adoption, rather than their restriction.
Binance crowns its series of expansions and deals by going to Russia
Binance has been making an entire series of major moves in late 2021. As the year came to a close, the exchange teamed up with MDI and PT Bank Central Asia, in order to create a crypto venture in Indonesia. PT Bank is controlled by the siblings, Michael and Budi Hartono, who belong to the country’s wealthiest family.
Indonesia is quite well-known for its rapidly emerging economy, but a considerable proportion of its people do not have access to even the most basic financial services. With a situation like that, Binance saw the opportunity to step in and start offering its own services. Only a few weeks after that, the company also entered a collaboration with the Gulf Energy Development PCL, which is owned by Sarath Ratanavadi, a well-known Thai billionaire. The goal of this partnership was to establish a crypto exchange in Thailand, as well.
And, finally, the exchange made a deal with the Argentine Football Association, making it the new Global Main Sponsor of the country’s national football team.