Crypto giant Binance hopes Russia will help regional growth

Binance, the world’s largest cryptocurrency exchange, wants to expand in Russia and neighboring states where it sees prospects for new regulations that will boost its business, an executive said.

“Our goal is to obtain a licence and conduct legal business where the regulation allows,” Binance Eastern European Director Gleb Kostarev told Reuters, adding that his company hoped for a progressive regulatory approach from Russia that could influence the approach taken by its neighbors. Russia for years opposed cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It gave them legal status in 2020 but banned their use for payments.

The global hashrate, which refers to the computing power used by computers connected to the bitcoin network, was reduced by about 20% this month because of political unrest and power blackouts in Kazakhstan, Binance estimated.last week showed Binance withheld information about its finances and corporate structure from regulators, even as it welcomed government oversight and lauded its anti-money laundering program.

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