Although The Restrictions, Cryptocurrency Trading In Russia Is Still Booming
According to statistics from blockchain analytics firm Kaiko, Bitcoin trading volume in rubles reached its highest level this year last week. In comparison to Bitcoins usual daily trading volume of $20-40 billion, overall flows look to be quite tiny at about $14.2 million.
Much of the trading volume related with Russia looks to be individuals stocking up. This Bitcoin uptake in particular is related to retail, who are out there aggressively buying in little sums, she explained. While these platforms may suit the demands of small-scale traders, they currently lack the capacity to meet the needs of large-scale traders.
Meanwhile, the average trading size of Bitcoin ruble transactions on Binance reached a 10-month high of $580 on the day Russia invaded Ukraine on February 24. Notably, the Tether exchange appears to be handling the majority of the ruble-denominated crypto trade volume.
Despite the strengthening of economic restrictions imposed on Russia, investors appear to be able to execute cryptocurrency transactions.
Bitcoin Trading Pairs Denominated
According to statistics from blockchain analytics firm Kaiko, Bitcoin trading volume in rubles reached its highest level this year last week. In comparison to Bitcoin’s usual daily trading volume of $20-40 billion, overall flows look to be quite tiny at about $14.2 million. On March 5, Kaiko announced that Bitcoin trading pairs denominated in rubles experienced magnitude growth.
Meanwhile, the average trading size of Bitcoin ruble transactions on Binance reached a 10-month high of $580 on the day Russia invaded Ukraine on February 24. Notably, the Tether exchange appears to be handling the majority of the ruble-denominated crypto trade volume.
Perhaps more Russian retail investors are trying to move out of currency altogether in favor of BTC, said Andrew Tu, business development manager at crypto algorithmic trading firm Efficient Frontier. While US dollar restrictions are unlikely to be applied genuinely to USDT holders, I suppose some people are simply taking extra precautions.
Binance, Yobit, and LocalBitcoins are the only three worldwide crypto exchanges that allow ruble-denominated crypto trading pairings, according to a blockchain analytics firms newsletter. As a result, many people who have asked for crypto exchanges to ban Russian users in the wake of Russia’s invasion of Ukraine are hoping Binance would follow suit.
Binance Has Brought An End To Unethical Behaviour
However, Binance and Coinbase, an American crypto exchange, refuse to apply a blanket ban against Russians, insisting instead on limiting those who are sanctioned.
A broad ban, according to Binance CEO Changpeng Zhao, would be unethical, while Coinbase CEO Brian Armstrong recognized that cryptocurrencies are currently a lifeline for many regular Russians.
According to Caroline Bowler, CEO of Australian crypto exchange BTC Markets, much of the trading volume related to Russia looks to be individuals stocking up. This Bitcoin uptake, in particular, is related to retail, who are out there aggressively buying in little sums, she explained.
While these platforms may suit the demands of small-scale traders, they currently lack the capacity to meet the needs of large-scale traders.