Ethereum

Bank

Cryptocurrency

Bitcoin

The Russians, champions of dedollarization, have not hesitated to explore digital avenues to bypass the economic sanctions imposed by the West. Facing increasing isolation, digital assets have become a lifeline for many of them. The rise of cryptocurrencies offers a viable alternative to keep their economy afloat. Thus, the recent exit of Binance from the Russian market has caused quite a storm.
<h2 id="h-binance-backs-out-russia-reinvents-itself-in-crypto">Binance backs out, Russia reinvents itself in crypto</h2>
The <a href="https://www.cointribune.com/en/binance-quitte-definitivement-la-russie-un-clin-doeil-a-washington-2/" target="_blank" rel="noopener noreferrer nofollow">abrupt withdrawal</a> of Binance from the Russian market a few months ago triggered a veritable rush for digital gold. Distraught, users had to urgently find new refuges for their precious assets. The Bank of Russia, in <a href="https://cbr.ru/Collection/Collection/File/49151/4_q_2023_1_q_2024.pdf?data=g8d6sgcryptog7dfnews645" target="_blank" rel="noopener noreferrer nofollow">its latest report</a>, provides a fascinating account of this forced migration.
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
The decentralized crypto exchange (DEX) Binance, once omnipotent, sees its share of web traffic melt away like snow in the sun, dropping from 47% to a mere 16% in the span of a quarter. But far from discouraging crypto enthusiasts, this withdrawal has invigorated the sector.
Indeed, crypto exchanges have never been more successful. Traffic on exchanges, peer-to-peer platforms, and other over-the-counter services has surged by 16.4% in just six months. This excitement coincides with a rise in cryptocurrency valuations (Bitcoin, Ethereum, Dogecoin, Solana, etc.), indicating a growing appetite among Russians for these digital assets.
In the void left by Binance, an army of local competitors has emerged. Five anonymous exchanges have seen their share of traffic explode, soaring from 39% to 64%. This meteoric rise shows that these newcomers are successfully capturing the wave of users seeking new platforms.
<h2 id="h-russia-the-rise-of-digital-rubles">Russia: the rise of digital rubles</h2>
In Russia, cryptocurrencies are not just turning heads; they are also capturing attention and clicks. The Bank of Russia, author of <a href="https://www.cointribune.com/en/la-russie-choque-en-lancant-une-cbdc-2/" target="_blank" rel="noopener noreferrer nofollow">a CBDC project</a>, informs us that the number of unique users of crypto platforms has skyrocketed, with these Russian netizens seeking new digital territories for their investments. Each month, ever-increasing numbers connect to these sites, driving the proportion of Russian Internet visits to these sites ever higher.
And it’s not just a matter of clicks. Cryptocurrency flows, from Bitcoin to Ethereum to Tether and USD Coin, are soaring spectacularly. With 4.5 trillion rubles exchanged, or roughly 51 billion dollars, the semester has seen a 15.6% increase in transactions. This makes cryptos a pillar of the Russian financial landscape.
However, it’s not all roses in the world of virtual currencies. “rug pulls” – these crypto scams where developers run off with the funds—cast a sinister shadow. Beribit, a platform linked to a Ukrainian oligarch, recently disappeared, taking $4 million of its users’ money. A hard blow to investor confidence, who now demand safer alternatives.
The <a href="https://www.cointribune.com/en/crypto-binance-claque-la-porte-a-la-russie-pas-des-paiements-en-rouble-2/" target="_blank" rel="noopener noreferrer nofollow">departure of Binance</a> has shaken the Russian crypto market, making way for new players and increased user activity. But the road is fraught with obstacles, and the coming months will be crucial in defining the future of this vibrant digital landscape.

After Binance, Unexpected Crypto Boom in Russia

Table of Contents

Cointribune EN

Other articles published on May 29, 2024

5 Best Cheap Crypto to Buy Now Under 1 Cent May 29 – Gala, Pepe, Nervos Network, eCash

Crystal Ball Or Crazy Talk? Analyst Predicts Bitcoin To Hit $156,000 By May 2025

XRP Price Prediction for May 29

Unlocking Wealth: Dive into the Top 4 Real World Assets (RWA) Tokens of May 2024 – TRU, ONDO, DUS...

Crypto trader turns $800 into $657,000 in 5 hours

LAKE (LAK3) to Highlight RWA Blockchain Innovations for Water at Consensus 2024 (29 May)

Join our free newsletter for daily crypto updates!