Binance will help Russia to create regulatory policies on crypto: Report

Binance Exchange teamed up with the Association of Russian banks to derive a more suitable approach to regulate the crypto industry under Russian Federation.

Binance exchange is a popular crypto exchange, which is standing at the first rank in the crypto industry because of its pro-level crypto services. This exchange has its hands in almost every category of the crypto world, whether it is technology adoption to bring advancement or technology education on blockchain & Crypto. 

Arab News reported that Changpeng Zhao, CEO of Binance exchange, teamed up with the Association of Russian banks. The main purpose of this effort by the exchange Executive is to bring better regulatory policies on the crypto industry in the Russian Federation by deriving a better knowledge of the crypto industry to the association. 

This Russian association includes more than 300 bank service providers. Reportedly the association launched a separate Department to bring better communication with Federal authorities on the matter of crypto. 

Reportedly, officials of the association stated that the creation of associations and departments are focused on “preparing professional judgment on the turnover of virtual assets”. 

Olga Goncharova, director of Binance Russia, is head of this association because he is an expert in the crypto and blockchain industry and is also known as an expert in such works. 

Russia is under huge confusion 

In the present time, the Russian government and finance ministry is in favor of crypto adoption by introducing a better regulatory framework but the Central Bank of Russia is against the adoption and it wants a blanket ban on crypto. 

Reportedly on 18 February, a meeting was scheduled to be held between the Russian Central Bank and the Russian finance ministry but the Finance Ministry kicked off the meeting. The officials of the Finance Ministry said that they did the same because of the renewed stances of the Bank of Russia to ban crypto, instead to see a regulatory framework.

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