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Binance Seeks Regional Development in Russia, Ukraine

Binance also hired two new directors in Ukraine and Russia in January, signaling an alignment vision.

Binance Looks to Eastern Europe

While much of the world has eyes fixated on the tension upon the Ukrainian border, Binance has also seen this opportunity to shift attention towards Ukraine and Russia for expansion.

In the past week, Binance Eastern European Director Gleb Kostarev has shown openness to Russia, while the giant crypto exchange also tapped two formed politicians for top posts in Ukraine and Russia in early January.

On top of the news that Russia does not plan to ban cryptocurrencies, Kostarev told Reuters writer Elena Fabrichnaya on January 27 that the recent news out of Russia has been seen as “an invitation” for expansion.

"Our goal is to obtain a licence [sic] and conduct legal business where the regulation allows," Kostarev said. "In Ukraine, Kazakhstan and Uzbekistan they are more loyal to cryptocurrencies and are taking steps towards liberalisation, rather than restriction [...] But local regulators are taking these steps with an eye on Russia."

The announcement by Kostarev comes as Binance has recently shaken up leadership in the closely related countries. It has hired Olga Goncharova, former head of the Bank of Russia’s Department of Collecting and Processing of Reports, as the first director of government relations in Russia in early January.  While in Ukraine, Binance appointed Kyrylo Khomiakov as its new director. Khomiako previously led the Ukrainian Agency for Infrastructure Projects. 

Russian investors generated an annual volume of crypto transactions around $5 billion, and Kostarev revealed that Binance is paying attention to this and neighboring countries. The recent political turmoil in the region could be a cause for concern to many but presents an opportunity for people to seek out crypto as a solution to domestic or national currency concerns.

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