Binance Joins Russian Banking Association Center of Expertise: Crypto Moves

RIYADH: Binance, the largest crypto exchange, has joined the Association of Russian Banks to share its regulatory expertise with financial institutions and the government as they adapt their approach to oversight in the crypto space.

Binance is the first crypto platform to work within the banking industry organization, its representatives told local media.

The Association of Russian Banks recently established a Center of Experts on Digital Financial Assets to study the global practice of regulating their trading.

It will also serve as a platform for dialogue between experts in the field of cryptocurrencies and Russian federal authorities and legislators, RBC Crypto reported.

Binance Director for Eastern Europe Gleb Kostarev confirmed that the exchange has a strong track record of working with regulators around the world.

“I am sure that our developments, our expertise will be received positively by the Russian banking community,” Kostarev said.

While the Bank of Russia has proposed a blanket ban on its transactions, most other institutions have supported the Finance Ministry’s view that legalization is a better alternative.

After the federal government approved its concept, the Treasury Department is currently drafting two laws for the Russian crypto economy, according to Bitcoin.com.

A report from Kommersant, a national daily, revealed earlier this month that some of the world’s largest crypto exchanges are ready to operate in Russia under proposed new rules, including a requirement to open an office. local or to register a Russian legal entity.

Daily trade

Bitcoin, the leading international cryptocurrency, traded lower on Sunday, falling 4.17% to $38,287 as of 2:29 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,626, down 5.21%, according to data from Coindesk.

Adoption

Tesla and SpaceX CEO Elon Musk has revealed that Tesla’s next futuristic restaurant and drive-in theater, planned for the Hollywood area, will accept dogecoin.

Electric car company Tesla currently accepts dogecoins for certain merchandise on its website.

However, the price of dogecoin was not affected by this news.

At the time of Musk’s tweet, dogecoin was trading at $0.1417 based on data from Bitcoin.com.

Musk believes dogecoin is the people’s crypto and has previously revealed that many people he spoke to at Tesla and SpaceX own it.

Dogecoin is the best crypto for transactions while bitcoin is more suitable as a store of value, he said.

Andrew B. Reiter