Despite being sanctioned by the U.S Government, Russia seems to be the next thriving ground for cryptocurrency exchanges. This is a region where investors in other industries are usually reluctant to do business. A media outlet reports that it is due to the western sanctions which may have negatively impacted on the country’s economy.
Under-regulated Crypto Industry Seeks Russia as a Refuge
The Cryptospace as an underregulated industry is trying to expand to the borders of Russia. This is evident in the number of Russian languages that have been incorporated into these digital asset exchanges. There has also been no discontinuation of the services provided to Russians despite these sanctions.
It is also worthy to note that Russia is not the only country to be sanctioned given that there are others like Iran and Belarus. Unlike the former, interest has not been drawn to these two regions. Binance, the largest cryptocurrency exchange, for instance, sent an email to Iranians in November. These people were asked to withdraw their funds because the exchange wants to comply with U.S sanctions.
Russians are Provided Crypto Services Despite Country’s Sanctions
However, Russians have not been asked to do the same. Also, much thought has not been given to the fact that this may draw the attention of the US officials. Another instance is the hiring of Gleb Kostarev, a Russian Special representative. While commenting on the development, the Malta-based exchange said that the Russian market is one of the largest and most important for them.
Based on reports, Huobi, the sixth largest cryptocurrency exchange judging from Coinmarketcap’s data today, has set up a crypto shop in the region. This goes contrary to Binance’s stance that they will only set up a shop in Russia when regulations have been put in place. Huobi, on the other hand, is less bothered about these regulations.
More Cryptocurrency Exchanges Eye Russia
Kucoin, a Singapore-based virtual currency exchange has not been left out in the race. This is a race to see who takes more advantage of the potentials of the Russia Crypto market. The exchange plans on expanding to Federation and has even gone ahead to include the country’s language on its platform.
Other exchanges where the country’s language is currently being used include Localbitcoins. This is a crypto exchange that has dedicated a site in the country’s native language to Russians. Bitmex, an exchange based in Hong Kong-based and Exmo, a digital assets exchange based in Eastern Europe also have the Russian-language.