The ongoing Russia-Ukraine conflict has tainted the Russian cryptocurrency trading scene. Market analysts have observed diminishing Russian ruble-denominated cryptocurrency transactions, and suspicion aired towards cryptocurrency exchanges operating in Russia as the impacts of the war which erupted in late February.
We find it important to share this report with our readers, which is about the current status of the Russian cryptocurrency trading scene. We believe that they will benefit by being updated about the present Russia-Ukraine armed conflict’s repercussions to virtual currency trading and be proactive.
According to the report posted online by cryptocurrency-focused online news source BeInCrypto, Russian ruble-denominated cryptocurrency transactions have appeared to be plummeting. Market analysts observed they had dropped from a peak weeks earlier.
Blockchain-analytics firm Chainalysis recorded data confirming that cryptocurrency trading volume in Russian rubles reached a recent summit of approximately US$70 million last Monday, March 7. Then, by Friday, March 18, the Russian ruble-denominated cryptocurrency transactions appeared to have dropped by more than half.
Chainalysis estimated Russian ruble-denominated cryptocurrency trading volume at roughly US$7.4 million. This figure is a mere fraction of Bitcoin’s daily total volume average of US$20 billion to US$40 billion.
Furthermore, the Russian ruble-denominated Tether stablecoin transactions that consist of the most popular Russian ruble trading pair are also down from a March 7, 2022 summit of approximately US$38 million per the information from cryptocurrency data company Kaiko.
Based on the latter, this recent event in the Russian cryptocurrency trading scene involves less than US$5 million worth of RUB/USDT volume last Tuesday, March 22. Kaiko also highlighted that merely three international cryptocurrency exchanges offer Russian ruble-denominated cryptocurrency trading pairs.
They are Binance, LocalBitcoins, and Yobit. Besides the marked transaction declines in the Russian cryptocurrency trading scene, market analysts also noted the distrust among cryptocurrency exchanges.
Cryptocurrency exchange Binance has refused to issue a blanket prohibition against Russians. Its chief executive officer, Changpeng Zhao, described such a ban as unethical.
However, Zhao’s effectively neutral position has resulted in Michael Chobanian accusing his virtual currency exchange of continuing to cooperate with the embattled Russian government.
The Ukrainian cryptocurrency exchange founder remarked that the issue with Binance is that it still operates on both Ukraine and Russia and that it demonstrated collaboration with Russian President Vladimir Putin’s government even prior to the Russia-Ukraine armed conflict.
Chobanian has not provided proof that Binance is, indeed, cooperating with the Russian government. Nevertheless, the Kuna cryptocurrency exchange pioneer emphasized that in the Russian cryptocurrency trading scene, the Binance cryptocurrency exchange is a major player that has placed a premium on the Russian market for many years.
We agree with market analysts when they pointed out that the Russian cryptocurrency trading scene is not in a positive situation. We feel dismal discovering that cryptocurrency transactions are negatively impacted by the current Russia-Ukraine war, adversely affecting innocent traders.
We reject the idea of wars which has led to wariness and transaction declines in the Russian cryptocurrency trading scene. We certainly hope that this ongoing armed conflict badly impacting the world will end soon.