Saturday, July 2, 2022

Binance announces its entry into the Association of Banks of Russia.

The Takeaway:

Binance announced its entry into the Association of Banks of Russia, aiming to facilitate dialogue with local authorities, lawmakers, and experts in the cryptocurrency industry.

Amid Binance halting its services in countries like Israel over licensing matters, the world’s largest cryptocurrency exchange by trading volume continues strengthening relations with Russia. Binance announced its entry into the Association of Banks of Russia on Thursday, aiming to facilitate dialogue with local authorities, lawmakers, and experts in the cryptocurrency industry.

 

The Association of Bank of Russia includes over 300 banks and financial institutions.

Founded in 1990, the association includes over 300 banks and financial institutions in Russia, covering nearly 90% of the country’s banking infrastructure. The association’s council has approved Binance’s membership in the association, launching a dedicated expert center for digital financial assets and digital currencies. The expert center’s mission is to prepare professional reviews on the circulation of cryptocurrencies in Russia and provide the association and its representatives with expert data on the topic as well as reports on the international experience of handling crypto assets.

 

Binance’s director in Russia and Commonwealth of Independent States will lead the association.

Binance’s director in Russia and Commonwealth of Independent States (CIS), Olga Goncharova, will lead the association’s expert center, approved by the association’s presidium council. Goncharova joined Binance in January to push compliance efforts in Russia and CIS. Before joining Binance, she worked as a department director at the Bank of Russia.

Introducing Goncharova, Association’s president Georgy Luntovsky noted that she would be responsible for properly monitoring the circulation of cryptocurrencies in Russia. “In our opinion, she is a good candidate to lead the platform where the expert community could discuss approaches to the regulation and development of digital financial assets,” he noted.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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