Binance joined the Association of Banks of Russia

Binance, the world’s largest cryptocurrency exchange by trading volume, has joined the Association of Banks of Russia.

Binance, the biggest cryptocurrency exchange, joined the Association of Russian Banks’ expert center. The exchange says this move is meant to initiate a dialogue with federal authorities and digital currency experts.

“The Association of Banks of Russia’s Presidium of the Board accepted Binance’s membership and decided to establish an expert center on digital financial assets and digital currencies,” the exchange stated in a statement.

The Expert Center under the Association will prepare professional, substantiated documents on the turnover of digital currencies in the country, provide expert and analytical materials, and summarize the international experience.

Olga Goncharova, Director for “Interaction with State Bodies” in Russia and the CIS countries, was appointed the head of the expert center. Before Goncharova started her work at Binance, she headed the Department of Collection and Processing of Reports at the Central Bank of Russia for the past seven years.

In addition, Goncharova also led several Bank of Russia projects related to fintech and digital transformation.

“Binance, as the largest cryptocurrency ecosystem in the world, has solid experience in working with regulators. I am sure that our developments, our expertise will be positively perceived by the banking community of Russia.”

According to Alexey Yakovlev, Deputy Director of the Ministry of Finance’s Department of Financial Policy, Binance has over 17 million unique users from Russia, accounting for over 10% of the country’s population.

A month ago, the exchange expanded its activities in the CIS countries and the Russian and Ukrainian markets. According to Gleb Kostarev, the company intends to grow and strengthen its positions.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.