Binance’s ties with Russia continue to grow stronger. The world’s largest exchange platform has just joined the Association of Banks of Russia. There, it will head a center of expertise dedicated to currencies and digital assets. This partnership comes as Russia is finally moving forward with the regulatory framework surrounding cryptocurrencies.
Binance hired by the Association of Banks of Russia
According to a statement from the Association, Olga Goncharova, the head of Binance for Russia, will head up the center of expertise. Its purpose is to gather information on the circulation of digital assets – including cryptocurrencies – within the territory.
Goncharova had joined Binance in January this year, she was already dealing with compliance and regulatory issues for Russia and associated territories. She is a former employee of the Russian Central Bank.
The subject is also a hot one in the country. The Bank of Russia had shown its hostility to cryptocurrencies a few weeks ago, but Vladimir Putin had then positioned himself as rather favorable regarding mining. In the end, the Kremlin and the Central Bank seem to have tuned their violins: cryptocurrencies will probably be considered as foreign currencies.
Binance continues to show its credentials
The arrival of Binance in the Association has a clear purpose anyway: to build bridges with local governments, legislators, as well as officials overseeing the crypto ecosystem as a whole.
This once again shows Binance’s willingness to play with regulations rather than against them. The company has been taking this stance since last year, after enduring a barrage of hostility from regulators unwilling to let the cryptocurrency giant exist without security barriers.
So the collaboration of the largest cryptocurrency exchange platform with an entity that will have a say in regulations is far from trivial. Binance continues to place its pawns, and it seems that Russia has caught its attention. We’ll keep an eye on what happens next in the coming months.