In a case of opposites attract, the latest sanction imposed against Russia does not deter major cryptocurrency players from opening shop in the former-communist country nor continuing with their operations despite mounting pressure from other nations.
The internal political struggle in Eurasia is the annexation of Crimea by Russian military and has led to the imposition of sanctions. Though the sanctions have pushed the economy into disarray, it does not stop foreign investors in the crypto space to invest in the country.
Strong overseas investor presence in crypto
Latest reports from Russian markets have established that there was not much fluctuation in cryptocurrency locally and much of the demand has been consistent through 2018.
Many of the big players in cryptocurrency trading, like Malt-based Binance exchange, has continued to keep its platform running for Russia-based traders as well as users. This is indeed noteworthy since it is the world’s largest crypto exchange currently and its support to the former-socialist republic’s users is different. Earlier when US-backed nations had introduced sanctions against Iran as well as Belarus, Binance had blocked users from these nations.
In order to aid further crypto business growth, it has gone one step ahead and appointed special representatives in Russia. At the latest discussion with local Russia media – forklog, the exchange executives noted that CIS member nations and Russian Federation were among the top few important markets for Binance. The exchange is known for its innovative trade offerings and the focus it has in developing a crypto-first environment by funding training for traders and other operations in this regard is impressed by the Russian and its neighbor’s potential growth curve in using, adopting and trading in cryptocurrency. Binance supports the Russian language on its platform allowing traders to conduct transactions in their native language.
Huobi opens shop
While Binance is happy to offer its services through a local representative, the fourth largest exchange has already opened its offices in Russia. Apparently, the exchange does not regard the lack of regulations in the country as a deterrent. In order to penetrate the emerging Russian market, it has developed a platform, dedicated to its Russian customers. It even has a 24-hour call center and helpline to assist its customers.
It is also seeking the help of legal firms such as VEB, which is a government outfit, in setting up legal clauses and help for crypto companies. Huobi is also associated with an economics business school, the Plekhanov University of Economics for education-building programs.