Binance Quietly Launches Ruble Trading for ‘Top-10 Market’ Russia

Must Read

Eight Things in Crypto You Can’t Afford to Miss This Week

In this roundup, we cover China's market-rattling resistance to Bitcoin, the increasing drumbeat toward crypto regulation, the...

Why the Cloud Industry Needs to Become Greener

According to Energy Post, the Internet will consume 20% of the projected electricity demand...

Your Wallet May Not Be as Secure as You Think; Here’s What To Do

Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public?...
- Advertisement -
Earn Free Bitcoin

Major global crypto exchange Binance has silently launched Russian ruble trading on Oct. 30 allowing users to deposit and withdraw in RUB.

Binance Ruble trading goes live according to the plan

Less than two weeks after announcing Binance’s plans to launch fiat trading starting with Russian ruble, Binance CEO Changpeng Zhao (CZ) revealed that ruble trading is live in a tweet on Oct. 31.

CZ noted that the launch of Russian ruble was released silently and in conjunction with his interview on Coindesk stating that Russia is one of the biggest markets of Binance exchange.

CZ first announced the ruble trading launch speaking at a Russian government-sponsored event, the Open Innovations Forum in Moscow on Oct. 21. At the time, Binance said that the exchange was expecting the launch in about two weeks.

Russia is among the top 10 markets on Binance

In another interview with Russian-language crypto news outlet Forklog on Oct. 31, Binance CEO revealed that Russia is one of the top-ten markets on Binance. When asked about the number of Russia-based users, CZ suggested that the amount is significant, saying:

“Russia is in the TOP-10 for sure. Our user base is very similar to the geographical distribution of Bitcoin holders.”

According to a recent Forklog survey, Binance is the most popular cryptocurrency exchange in Russia, Ukraine and Belarus, with nearly 60% of the respondents claiming that they prefer Binance rather than other global crypto exchanges. 

When asked what could be a trigger for such a level of popularity in these regions, CZ said that Binance is just trying to meet the demand by adapting their products to the local language.

Binance’s introduction of Russian ruble trading comes amid a report that Russia’s internet ombudsman is planning to launch a new Bitcoin (BTC) mining facility to mine 20% of the global Bitcoin. 

Meanwhile, the cryptocurrency industry is not formally regulated in the country, as recently reported. On Oct. 22, Zhao expressed his confidence that the bill on regulating digital currencies in the Russian Federation will be adopted in the foreseeable future.

- Advertisement -
- Advertisement -

Latest News

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership withAfri-x.com to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to announce that it has been...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...