Huobi Moves to Strengthen its Position in Russia Despite the Upcoming Crypto Ban

September 24, 2020 3:05 PM UTC

Huobi Global, the leading cryptocurrency exchange, has launched its native mobile application in Russia. On September 23, the exchange account that Huobi spot market and trading of primary crypto assets like BTC, ETH is now officially available for Russian users.

According to the exchange’s spokesperson Russian market accounts for almost 10% of Huobi’s total spot trading volume. Huobi launched the app in Russia as it intends to expand its platform in one of the important markets.

Crypto Ban Does not Concerned Crypto Firms Serving in Russia

Huobi announced the mobile application amid the regulatory uncertainty. As per the report, Russian President Vladimir Putin has approved a crypto law that will restrict crypto-related activities in the country starting from January 2021. 

Despite the upcoming crypto regulatory problems like the new law “On Digital Assets” as well as the bill “On Digital Currency.” Vice president of global markets at Huobi Group, Ciara Sun, said that the exchange’s aimed to grow its platform in the Russian crypto space.

Sun said, “Despite recent speculation about new crypto regulation in Russia, we’re fully committed to this market and moving full steam ahead to give local users a more intuitive way to buy and trade crypto from their mobile devices.” 

 Market data and industry report revealed that Binance is also planning to introduce its crypto payment oriented Binance debit card in Russia despite the expected crypto ban. While responding about the anticipated launch date, Binance’s operations head for Russia and the CIS Gleb Kostarev stated:

“We strive to provide all Binance users with the same experience that is fully compliant with local regulations. Russia for us is an important market. We are working on the launch of the Binance card in Russia, but so far we cannot designate the exact date launch or give any legal opinion on this issue at the moment.”

Follow us on
Daily updates

    Leave a Reply

    Your email address will not be published.

    seventeen + eighteen =