As Binance exits the market and CommEX’s user base is impacted, Russian cryptocurrency traders look into alternative platforms. Trading between peers is declining.
- After acquiring Binance’s Russian business, CommEX had great expectations for bringing in about a million customers.
- Russian and Ukrainian cryptocurrency aficionados are increasingly using Hong Kong sites.
Russian customers underwent a substantial shift as a result of Binance’s [BNB] withdrawal from the Russian cryptocurrency market, seeking out alternative platforms for their trading requirements.
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Additionally, CommEX, the business that assumed control of Binance’s Russian operations, is having trouble luring these users.
In addition, there has been a noticeable reduction in peer-to-peer (P2P) trading activity during this shift. According to Satoshkin CEO Dmitry Stepanin, P2P volumes have decreased by 10% to 30%.
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After acquiring Binance’s Russian operation, CommEX initially had great expectations of drawing in roughly one million customers. It seems, though, that a large number of these clients are choosing other platforms over CommEX.
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The CEO of Satoshkin, Dmitry Stepanin, noted the drop in P2P operations, with numbers falling significantly. For comparison, Binance had over 7,700 daily P2P transaction ads in rubles at the beginning of 2023.
By the middle of the year, this number had plummeted to 6,300, and by September, it had fallen to 3,400. On Binance, there was no information on transactions in rubles as of October 3.
CommEX encounters difficulties when trading preferences change.
There are many reasons for this change in trading preferences. One of them is CommEX’s failure to reach Binance’s user base.
In the meantime, user activity has surged on other exchanges that provide features comparable to Binance, like Huobi, Bitget, Kucoin, and Gate.io. This is attributable to their vigorous marketing initiatives.
For instance, Huobi had a rise in its active ads from 3,900 to 4,500 between the first half of the year and October. With 2,700 adverts in October, ByBit—which had 1,800 in the first half—surpassed that number, further demonstrating the shift in user preferences among Russian traders.
In addition, an increasing number of Russian and Ukrainian crypto aficionados are seeking safety for their digital assets in Hong Kong.
The founder of CryptoHK, Merton Lam, emphasized how important cryptocurrencies have grown to be in the investing portfolios of the region’s high-net-worth individuals.
The main driver behind Binance’s withdrawal from the Russian market is pressure from American regulators. The exchange was accused of avoiding sanctions and money laundering.
Additionally, Binance had imposed a number of limitations on users from Russia. These included restrictions on wallet holdings and restrictions on the P2P platform’s currency purchases.
The CEO of InDeFi Smart Bank, Sergei Mendeleev, underlined that the departure of Binance should not be interpreted as a complete withdrawal from the market. Instead, Binance is changing its name to improve business effectiveness in Russia.
It’s important to note that there are no formal documents or references to Russian ownership of the CommEX project on the company website.
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