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- Since the beginning of Russia’s invasion of Ukraine, the average daily volume of currency pairings on crypto exchange Binance has surged to $35.8 million, up from $11 million earlier. According to the research, the increase in activity is due to crypto exchanges being one of the few options for Russian citizens to trade their rapidly depreciating money. According to an unidentified exchange official who spoke to The Block.
- The study says that crypto exchanges provide a haven from financial constraints, citing the refusal of several major operators, like Binance and Coinbase, to apply blanket prohibitions on Russian users. Economic sanctions have already had an impact on Russia’s economy, with the VanEck Russian ETF losing more than 60% of its value in February and the ruble plunging to below $0.01 last week.
- Exchanges that allow onboarding of RUB pairings will witness a surge in demand, as it is nearly everyone’s only avenue out of the currency (banks shut down fx facilities).With a population of 145.5 million people, it is the ninth most populous country in the world and the most populated country in Europe.
The Russian Federation is a transcontinental country covering Eastern Europe and Northern Asia. It is the world’s largest country by area, covering 17,125,191 square kilometers (6,612,073 square miles) and accounting for one-eighth of the planet’s livable landmass. Russia is the world’s largest country, spanning eleven time zones and bordering sixteen sovereign nations. With a population of 145.5 million people, it is the ninth most populous country in the world and the most populated country in Europe.
Binance Has Surged To $35.8 Million
The capital, Moscow, is the largest city fully within Europe, while Saint Petersburg, the country’s second-largest metropolis and cultural center, is the country’s second-largest city. Additional important cities include Novosibirsk, Yekaterinburg, Nizhny Novgorod, and Kazan. As a result of Russia’s invasion of Ukraine and the ensuing economic sanctions imposed on the country, ruble trading pairs are reportedly soaring on the cryptocurrency market.
According to an article published on March 1 by Frank Chaparro for The Block, Russian investors are becoming more active on cryptocurrency exchanges. Since the beginning of Russia’s invasion of Ukraine, the average daily volume of currency pairings on crypto exchange Binance has surged to $35.8 million, up from $11 million earlier. According to the research, the increase in activity is due to crypto exchanges being one of the few options for Russian citizens to trade their rapidly depreciating money. According to an unidentified exchange official who spoke to The Block,
ETF Losing More Than 60%
Exchanges that allow onboarding of RUB pairings will witness a surge in demand, as it is nearly everyone’s only avenue out of the currency (banks shut down fx facilities). The study says that crypto exchanges provide a haven from financial constraints, citing the refusal of several major operators, like Binance and Coinbase, to apply blanket prohibitions on Russian users. Economic sanctions have already had an impact on Russia’s economy, with the VanEck Russian ETF losing more than 60% of its value in February and the ruble plunging to below $0.01 last week.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
