Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is expanding its reach into Russia.
The Malta-based firm announced on Tuesday that it had appointed former Moscow Exchange executive Igor Ashmanov as its new country manager for Russia.
Binance said the move was part of its plans to “strengthen [its] global presence and expand [its] services to users in different regions.”
Ashmanov, who will be based in Moscow, has over 20 years of experience in the financial industry. He has also held senior positions at Alfa Bank and Renaissance Credit.
In his new role, Ashmanov will be responsible for Binance’s business development in Russia and will work closely with the local government and regulators to ensure that the exchange complies with all applicable lAWS and regulations.
Binance first entered the Russian market in 2019 when it launched a localized version of its website. The exchange has since gained popularity among Russian traders and currently ranks as the country’s second-largest crypto platform by trading volume.
With Ashmanov’s appointment, Binance is further cementing its commitment to the Russian market. The move comes as the Russian government is preparing to regulate the cryptocurrency industry and allow crypto trading on official exchanges.
The draft legislation is currently being reviewed by the country’s parliament and is expected to be passed into law later this year. once it comes into effect, Binance will be one of the first international crypto exchanges to operate legally in Russia.