Russian Binance clients switched to other platforms

Binance announced its withdrawal from the Russian Federation
Binance announced its withdrawal from the Russian Federation

After Binance left the Russian Federation, some users remained waiting for the launch of the CommEX exchange, while others had already switched to new platforms. At the same time, overall trade activity in the country decreased significantly. Kommersant reports this.

In a conversation with the publication, Satoshkin CEO Dmitry Stepanin said that the P2P segment suffered the most. According to professional traders, the volume of peer-to-peer transactions has decreased by 10-30%.

According to P2P.Army, at the beginning of 2023, the number of active ruble P2P orders on Binance reached 7,700. By the summer, the figure dropped to 6,300, and in September – to 3,400.

Stepanin added that first of all, users are switching to Bybit, which “has been very active in marketing recently.” Huobi, Bitget, KuCoin, also record an influx of new clients from Russia.

“There are a very large number of users from the Russian Federation registered on Binance. But everyone will have a personal choice: join us or try their luck with another platform,” said CommEX CEO Anton Toroptsev.

According to estimates by the head of the new crypto exchange, the influx to the site will be about 1 million people. At the same time, financial analyst Andrei Barkhota noted that only 700,000 Russian clients were registered on Binance.

The transition process to CommEX will be gradual and will take up to one year in total.

Co-founder of the ENCRY Foundation Roman Nekrasov believes that the main reason for Binance leaving the country is pressure from American regulators. Previously, the exchange was already suspected of facilitating money laundering and violating international sanctions.

Let’s remember that at the end of September, Binance CEO Changpeng Zhao said that several former regional members of the exchange team could join CommEX or have already done so.” At the same time, the company waived the right to buy out Russian business in the future.

Later, CommEX acknowledged the presence of ex-Binance employees on its staff who helped in the development of the platform.

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