Binance Joins the Russian Banking Association

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Although Binance has suspended operations in countries such as Israel due to licensing issues, the world’s largest cryptocurrency exchange by trading volume continues to deepen ties with Russia.

Binance announced its membership in the Russian Association of Banks on Thursday, intending to facilitate communication with local authorities, parliamentarians, and cryptocurrency professionals.

The group, founded in 1990, now includes over 300 banks and financial institutions in Russia, accounting for almost 90% of the country’s banking infrastructure.

Binance’s participation in the association was accepted by the association’s council, resulting in establishing a dedicated specialist centre for digital financial assets and digital currencies. The objective of the expert centre is to compile professional studies on the circulation of digital assets in Russia, give expert data on the topic to the association and its representatives, and report on foreign experience with crypto assets.

Olga Goncharova led the association’s expert centre, Binance’s director in Russia and the Commonwealth of Independent States (CIS), recognized by the association’s praesidium council. In January, Goncharova joined the crypto exchange to help with compliance in Russia and the CIS. She was a department director at the Bank of Russia before joining Binance.

When introducing Goncharova, Association president Georgy Luntovsky stated that she would ensure that the circulation of digital currencies in Russia is appropriately monitored. “She is a good choice, in our perspective, to manage the forum where the professional community can explore approaches to the regulation and development of digital financial assets,” he said.

Binance’s Eastern Europe division director, Gleb Kostarev, expressed optimism that the Russian banking community will appreciate Binance’s competence in the crypto market.

“We are on the verge of a global transformation in the field of cryptocurrency regulation. Binance, as the largest cryptocurrency ecosystem in the world, has a solid track record of working with regulators,” Kostarev noted.

Binance is well-known for its tight collaboration with state-backed Russian groups and local blockchain activists.

Binance donated its nonfungible token (NFT) platform to the Russian State Hermitage Organization in 2021, assisting the museum in raising approximately $440,000 through an NFT auction of tokenised artefacts. In addition, as part of a Russian crypto lobby organisation in 2020, Binance executives were also campaigning for the crypto industry’s adoption.

Shambhavi Soni
Shambhavi Soni

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