Amid the ongoing problems involving licenses that Binance faces with several countries, leading to a sudden halt in its services, the world’s leading cryptocurrency exchange platform has continued to enjoy a cordial working relationship with Russia.
The latest entry of Binance into the Association of Banks of Russia aims to build and strengthen relations with decision-makers, lawmakers, and experts in the financial sector to improve the crypto industry.
The association, established in 1990, has over 300 banks and financial institutions as members in the country and is the union body responsible for the majority of Russia’s banking infrastructure.
In a move to show its approval of Binance’s membership, the association has approved building a purpose-driven expert center for the country’s digital assets and cryptocurrency operations. The support is necessary to ensure swift regulation and monitoring of the country’s circulation and transactions of digital financial assets.
The mandate of the expert center is to prepare expert reviews on the supply and circulation of digital assets in the country, as well as provide the association with accurate data and international best practices for running the cryptocurrency industry in Russia.
Furthermore, Olga Goncharova, the Binance director in the country, is to head the expert center as approved by the association’s governing council. Goncharova joined the service of Binance in January to actualize Russia’s compliance plan. Before becoming a part of the Binance team, she was a director at the Bank of Russia.
Goncharova’s Role
According to the Association of Banks of Russia, Georgy Luntovsky, Goncharova’s responsibilities include monitoring the circulation of digital tokens in Russia. The president noted that she is the perfect candidate for this role. Her extensive knowledge of the country’s financial sector and the fact that she is with the world’s largest crypto exchange make her a good candidate.
Goncharova would lead the community of experts where approaches to policies and development of the cryptocurrency industry will be her focus.
Binance director of Eastern Europe, Gleb Kostarev, believes that Binance has what it takes to impact the Russian digital currency space positively. According to him, Binance is on a journey of global improvement in digital assets with a solid record of working with their host country’s regulators.
Binance And Russia’s Relation
It is well known that Binance has had a cordial working relationship with most Russian institutions, with the express approval of the state and the native blockchain network players.
Binance issued its NFT platform to the Russian National Museum to aid the museum’s fundraising project during an NFT auction of its NFT collections. Additionally, Binance executives were lobbying for the adoption of the cryptocurrency in the wake of the 2020 lobby group’s actions in Russia.
Notwithstanding Binance’s somewhat rocky relationship with regulators in other countries over licenses and other regulatory guidelines, its cooperation with Russia is a shining light toward making it the best partner with state regulators in its bid to expand the use of digital financial services worldwide.
