Crypto Blog
As Binance exits the Russian cryptocurrency market, Russian clients are transitioning their trading activities to different platforms.
However, CommEX, the company that acquired Binance’s Russian business, is encountering difficulties attracting these users. This migration has been accompanied by a notable drop in peer-to-peer trading activity, with a decline ranging from 10% to 30%, according to Satoshkin CEO Dmitry Stepanin.Binance’s exit from the Russian market has sparked a surge in clients seeking alternative platforms for their cryptocurrency trading requirements.
Due to the exchange’s active marketing campaigns, Dmitry Stepanin observed that crypto traders are increasingly using platforms like ByBit. Other exchanges like Huobi, Bitget, Kucoin, and Gate.io, which offer similar features to Binance, have also seen increased user activity. Huobi, for example, saw its active advertisements grow from 3,900 to 4,500 between the first half of the year and October. ByBit, with 1,800 advertisements in the first half, exceeded 2,700 in October.Given recent developments, many crypto enthusiasts from Russia and Ukraine seek refuge for their digital assets in Hong Kong. Merton Lam, the founder of CryptoHK, reveals that crypto has become a notable part of the region’s high-net-worth individuals’ investment portfolios.
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