A sizeable number of Binance users in Russia have migrated to alternative cryptocurrency platforms.
This is a result of Binance’s exiting the Russian market due to pressure from American regulators and accusations of money laundering slammed at the organization.
In a recent interview with local news on October 4, 2023, the CEO of Satoshin, Dmitry Stepanin, disclosed that there has been a significant decline in activity in peer-to-peer (p2p) operations from 10-30%.
CommEX, which acquired the Russian business of Binance, is now expecting about a million clients to transfer.
At the start of 2023, Binance recorded approximately 7,700 p2p transactions per day. However, the number of users and transactions had reduced to about 6,300 by the middle of the year and further dived to 3,400 by the end of September.
Currently, the majority of crypto traders have migrated to the ByBit exchange. Other platforms, such as Huobi, Bitget, KuCoin, and Gate.io, are likely to experience an influx of traders sooner, Stepanin added.
Anton Toroptsev, CEO of CommEx, a centralized cryptocurrency exchange benefiting from the migration, said that crypto users have the freedom to choose whatever crypto platform they want and explore.
According to him, over one million users are likely to join his company.
Although Binance has yet to disclose the exact number of Russian clients that have migrated from the exchange platform, Sergie Mendeleev, InDeFi Smart Bank Chief, claims that Binance is rebranding to ensure better and more transparent operation in the country and not entirely closing up shop.
Meanwhile, Binance has been strategically putting a stop to operations by restricting the purchase of foreign currency on the p2p platform.
There have also been rumors that Binance owns CommEX. But both Changpeng Zhao and CommEx have denied this accusation.
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