All about Crypto & Blockchain

Binance enlists the help of a former central bank executive to promote compliance in the CIS and Russia.

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About Binance

Binance is a leading cryptocurrency exchange. According to its website, its daily trading volume is 2 bn, and transaction per second is more than 1400000. It has a native asset BNB in its Binance chain. Binance was founded by Changpeng Zhao in 2017.

Global Presence of Binance

Binance has not officially declared any list of countries where it operates. It is present in many countries of America, Europe, and Asia. Binance has a country-specific list of its product offerings. For example, crypto to fiat withdrawal is offered in the UK, Germany, France, and some more countries. Traders from countries such as China, Malaysia, Japan, and Thailand are banned from trading on the Binance platform. Binance got approval from Bahrain to provide a crypto asset service provider in the country. It is also planning to tap into the large unbanked population of Indonesia.

Binance in Russia

Russia is yet to enact any specific regulation on cryptocurrencies. Currently, mining, trading, and holding of cryptocurrency are permitted in Russia. Cryptocurrency can’t be used as a payment option here. Binance has high popularity in Russia. In terms of traffic volume, Russia is the second-biggest country for Binance.

Local Hires

Binance is developing a local leadership team in Russia to build a strong relationship with government agencies and to grow the business.

Binance’s focus is also on increasing compliance in Russia, Ukraine, and the Commonwealth of Independent States (CIS). Olga Goncharova, who was a senior executive with the Bank of Russia, is now appointed as the director of government relations in Russia and CIS.

Vladimir Smerkish, the co-founder of Tokenbox, is appointed as Binance Russia director. Kirill Khomyakov, an executive from BNP Paribas, is hired as general manager of Binance Ukraine.

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