KANALCOIN NEWS – Binance’s exit from Russia made Russian users try to explore alternatives to Binance. Shifting their trading activities to another platform. Causing a significant decrease in P2P activity from 10% to 30%.
Unfortunately, not all Binance competitor companies can attract Binance users. One of them is CommEX, the company that acquired Binance’s business in Russia. This migration was accompanied by a decline in peer-to-peer (P2P) trading activity, with declines ranging from 10% to 30%, according to CEO, Satoshkin Dmitry Stepanin.
The decline in P2P activity is due to this
The surge in clients looking for alternative platforms for their cryptocurrency trading needs occurred after Binance exited the Russian market. CommEX, the company that runs Binance’s operations in the country, was initially projected to attract around one million clients. Unfortunately, CommEX was unable to compete with Binance and replaced the company in Russia.
According to Dmitry Stepanin, CEO of Satoshkin, something important has happened that has reduced peer-to-peer (P2P) activity, with numbers dropping from 10% to 30%. Please note that as of early 2023, Binance has approximately 7,700 ruble P2P transaction advertisements per day. This number decreased to 6,300 in the middle of the year and fell to 3,400 in September. As of October 3, there was no data on ruble transactions on Binance.
According to Dmitry Stepanin, active exchange trading makes crypto traders increasingly use platforms such as ByBit. Similar improvements also occurred with Huobi, Bitget, Kucoin, and Gate.io, which offer similar features to Binance.
A case in point can be seen from Huobi seeing its active ads grow from 3,900 to 4,500 between the first half of this year and October. Meanwhile ByBit, with 1,800 ads in the first half, surpassed 2,700 in October.
Binance Is Not Exiting the Market
From recent developments, it can be seen that many Russian and Ukrainian crypto activists are trying to seek protection for their digital assets in Hong Kong. Because according to Merton Lam, founder of CryptoHK, crypto has become an important part of the investment portfolio of high net worth individuals in Hong Kong.
Sergei Mendeleev, CEO of InDeFi Smart Bank, clarified that Binance is not exiting the market. This is simply a rebrand to improve operational efficiency in Russia. There are no official documents or mentions on the company’s website regarding Russian ownership of the CommEX project.
Binance’s departure from Russia is not without reason. Binance decided to leave Russia due to clashes with local government regulations. Binance faces accusations of money laundering and sanctions evasion. Not only that. Binance has also implemented some restrictions on Russian users. Including limits on wallet ownership and currency purchases on their P2P platform.
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