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

Published at: Oct. 31, 2019

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.

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