Sanctions imposed by governments in the context of geopolitical struggle, not always penetrate in an insufficiently regulated industry. That why cryptocurrency exchanges are considering Russia and its Diaspora as a suitable space for the expansion and verification of the business.
Annexing the Crimea, Russia wanted to show the world its resurgent military, economic and political power, however, was found only with an ever-expanding list of Western sanctions. As a result, the Russian economy fell into stagnation, and many foreign investors left the Russian market. Despite this, the cryptocurrency industry is eager to expand its activities after the long decline in Russia and the so-called Russian world. According to a recent study, the interest in cryptocurrencies in Russia remained relatively stable throughout 2018.
Binance, the largest exchange by daily trading volume, has blocked users from all countries under US sanctions, however, Russian customers are not affected. Moreover, the Chinese cryptocompany hired a special representative to Russia, which recently said that Russia and CIS are Binance largest and most important markets with huge potential for future growth. Website platform already supports Russian language, and VIP clients have access to Russian-language technical support.
Establishing a Russian office is in Binance’s plans, but currently the company is studying the rules regulating cryptoindustry in the country. But Huobi, the fourth-largest cryptocurrency exchange in the world, has opened own office in Russia's and launched a special platform Huobi Russia with the call centre and round the clock online support for Russian language. Huobi is also working with Vnesheconombank to provide legal assistance to cryptocompanies and the Plekhanov University of Economics to create educational programs.
Another exchange is planning to work in the Russian market, is Kucoin. Other cryptocurrency trading platforms that support Russian language, ― Bitmex from Hong Kong and Exmo from Eastern Europe. Of particular interest to Russian users is Exmo, which offers pairs of major cryptocurrencies with the Russian ruble and supports a number of payment methods that are popular in Russia: deposits and withdrawals, Bank transfers in local currency, and transactions through QIWI, Yandex.Money, Webmoney and other payment systems.
Peer-to-peer crypto trading platforms also take care of Russian-speaking users. Popular exchange Localbitcoins has a Russian-language website about traders from Russia, where the majority of the proposals evaluated in rubles, and traders use the most popular payment methods. In addition, the Latvian platform Hodl Hodl recently announced the launch of trading BTC and LTC paired with the Russian ruble.