Russia is one of the top 10 markets on Binance exchange, CEO Changpeng Zhao revealed as the platform just added support for ruble trading.
Binance Ruble trading goes live according to the plan
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.
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.