Russian users leave Binance and switch to other cryptocurrency exchanges

A sizeable number of Binance users in Russia have migrated to alternative cryptocurrency platforms.
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In Russia, a sizable portion of Binance users have switched to rival cryptocurrency exchanges.

The reason for this is that the cryptocurrency exchange platform left the Russian market as a consequence of pressure from American officials and accusations of money laundering leveled against the company.

Dmitry Stepanin, the CEO of Satoshin, revealed that peer-to-peer (p2p) operations had experienced a major reduction in activity from 10 to 30% in a recent interview with local news on October 4, 2023.

Around 7,700 peer-to-peer transactions per day were registered by Binance at the beginning of 2023. By the middle of the year, however, the number of users and transactions had fallen to around 6,300, and by the end of September, it had further fallen to 3,400.

The ByBit exchange is becoming the preferred destination for most crypto dealers. According to Stepanin, an influx of traders will probably happen sooner on other platforms including Huobi, Bitget, KuCoin, and Gate.io.

Cryptocurrency consumers are free to use whichever crypto platform they like, according to Anton Toroptsev, CEO of CommEx, a centralized cryptocurrency exchange that will profit from the migration.

He predicts that his company will gain more than a million new users.

Although Sergie Mendeleev, the head of InDeFi Smart Bank, has not yet revealed the precise number of Russian customers who have left the exchange platform, he insists that the company is rebranding to ensure better and more transparent operations in the country and is not completely shutting down.

By limiting the acquisition of foreign money on the p2p network, Binance has been strategically stopping operations in the meanwhile.

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