Binance is the first crypto company to join Russia’s Bank Association

The largest cryptocurrency exchange in the world would head the association’s “Expert Center,” which would facilitate communication with federal authorities.

Binance Joins the Russian Banks Association

Exchange of cryptocurrencies Binance is the first exchange platform to partner with the Russian Banks Association. As it enters the crypto industry, the top cryptocurrency exchange will provide its experience to Russian financial institutions.

Binance’s relationship with the council enables the council to develop an Expert Center platform for Digital Financial Assets and Digital Currencies. After granting Binance’s membership, the Association of Russian Banks decided to establish the Expert Center. After announcing its membership in the association via the Binance Russia Official Twitter account on Friday, February 18, the Binance Blog outlined the platform’s objective on February 17.

“The purpose of the Expert Center is to prepare professional opinions on the circulation of digital financial assets and digital currencies, to provide the working bodies of the Association of Banks of Russia and its representatives with expert and analytical materials on the topic,” Binance Blog.

The article notes that one of the Expert Center’s responsibilities would be to facilitate communication with federal authorities, legislators, and specialists in the sphere of digital financial assets and digital currencies. The council’s executive committee voted to select Olga Goncharova, the director of Binance in Russia, as the establishment’s head. Additionally, the appointment was endorsed by Council President Georgy Luntovsky.

“We are creating an Expert Council for the future and pinning great hopes on the arrival of Olga Alexandrovna. She has big plans for conducting an examination of the circulation of digital currencies, organizing events on this topic. And in our opinion, this is a good candidate to lead the platform where the expert community could discuss approaches to the regulation and development of digital financial assets,” Georgy said, while introducing Olga as the head of the Expert Center. 

Binance Leads Russia’s Crypto Adoption

Binance’s latest decision to join Russia’s financial powerhouse strengthens the exchange’s relationship with numerous financial institutions in the country and helps boost crypto adoption. Binance has a strong track record of cooperating with regulators, and collaborating with the Russian Banks Association would be beneficial.

Gleb Kostarev, Binance’s director for Eastern Europe, expressed his joy at the exchange’s relationship with the Russian financial regulator. Binance, he stated, is on the verge of changing Russia’s financial ecosystem.

“We are on the verge of a global transformation in the field of cryptocurrency regulation. We are pleased to join the Association of Banks in Russia, this is a very significant step for us,” Gleb said. “I am confident that our developments, our expertise will be positively received by the Russian banking community.” 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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