Binance joins expert center at Russian banks association
Categories: Crypto News
Binance, the largest crypto exchange, has joined the Association of Russian Banks to share its regulatory expertise with financial institutions and government as they tailor their approach to oversight in the crypto space.Binance is the first crypto platform to work within the banking industry organization, its representatives told the local media.The Association of Russian Banks recently established a Center for Experts on Digital Financial Assets, tasked Binance’s Director for Eastern Europe, Gleb Kostarev, confirmed that the exchange has a solid track record of working with regulators around the world.“I am sure that our developments, our expertise will be positively received by the Russian banking community,” Kostarev said.While the Bank of Russia proposed a blanket ban on its trading, most other institutions have backed the Finance Ministry’s view that legalization is a better alternative. After the federal government approved its concept, the treasury department is now drafting two laws for the Russian crypto economy, according to Bitcoin.com.A report by Kommersant, a national daily newspaper, revealed earlier this month that some of the world’s largest crypto exchanges are ready to work in Russia under the proposed new rules, including a requirement to open a local office or register a Russian legal entity.