Russian Clients of Binance Seek Alternatives for Crypto Trading
Russian clients of Binance have been exploring different platforms for their crypto trading needs after Binance’s exit from the region. However, it seems that CommEX, the company that acquired Binance’s Russian business, is not a popular choice among many clients. Peer-to-peer (P2P) operations have declined by 10% to 30%, according to Satoshkin CEO Dmitry Stepanin.
Decline in P2P Transactions on Binance
P2P.Army data reveals that at the beginning of 2023, Binance had approximately 7,700 daily ruble P2P transaction ads. By mid-year, this number dropped to 6,300, and by the end of September, it decreased further to 3,400. As of October 3, there is no available data on ruble transactions on Binance.
Shift to Other Exchanges
Many crypto traders have migrated to Bybit due to its active marketing efforts. Additionally, exchanges like Huobi, Bitget, Kucoin, and Gate.io have experienced increased activity as alternatives to Binance.
Huobi’s ad count on P2P.Army grew from 3,900 to 4,000 in the first half of the year and reached 4,500 in October. Bybit’s ad count exceeded 2,700 in October compared to 1,800 in the first half of the year.
CommEX’s Expectations and Shift to Hong Kong
CommEX anticipates attracting one million customers; however, this may be an unrealistic goal considering that Binance had around 700,000 registered Russian users. Furthermore, Russian and Ukrainian citizens are turning to Hong Kong as a safe haven for their crypto assets, according to Merton Lam, founder of CryptoHK.
Hot Take: Russian Traders Seek Alternatives Amid Binance’s Exit
Russian traders are actively seeking alternative platforms for their crypto trading activities following Binance’s departure from the region. While CommEX, the company that acquired Binance’s Russian business, has not gained popularity among clients, exchanges like Bybit, Huobi, Bitget, Kucoin, and Gate.io have experienced increased activity. The decline in peer-to-peer transactions on Binance indicates a shift in user behavior. CommEX’s expectations of attracting one million customers may be overly ambitious compared to the number of registered users Binance had in Russia. Additionally, Russian and Ukrainian citizens are finding solace in Hong Kong as a secure location for their crypto investments.
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