Binance Expands to Russian Ruble Trading and Enhances Global Cryptocurrency Operations

Binance and the Ruble: A Strategic Move

On December 2, Binance, one of the leading cryptocurrency exchanges worldwide, made headlines by listing four trading pairs with the Russian ruble. This bold move includes popular digital currencies such as Binance Coin (BNB), Bitcoin (BTC), Ether (ETH), and XRP. Binance’s CEO, Changpeng Zhao, took to Twitter to celebrate this latest addition, hinting at a future where ruble transactions could become as common as their dollar counterparts.

Back to the Beginning: Ruble Support Launch

The journey began in late October, when Binance opened the doors for users to deposit and withdraw fiat currencies in rubles. This initiative paved the way for the exchange’s recent foray into ruble trading pairs. Zhao has consistently praised Russia for its vast pool of tech talent and even went so far as to call President Vladimir Putin a key figure in the world of blockchain technology.

Keeping Up with the Competition

The addition of ruble trading pairs is just one piece of the puzzle. In November, Binance also introduced support for the Turkish lira, joined by the first-ever Fiat Gateway created by stablecoin operator Paxos. And if you think that’s impressive, they also brought in support for the Nigerian naira! Binance isn’t just riding the wave; they’re creating it.

Trading Volume Insights

With these enhancements, the currency has started to attract attention. According to Coinmarketcap, the ruble traded just over $43,000 against Bitcoin and around $25,000 against Binance USD (BUSD) within 24 hours. This trading volume indicates the growing interest in crypto-currencies in the region!

A Competitive Landscape

But it’s not just Binance that’s making moves. Competitors are also ramping up their offerings. For example, the Intercontinental Exchange (ICE) announced an expanded set of Bitcoin futures trading options on its Bakkt platform, now including a cash-settled option. Meanwhile, OKEx recently added Bitcoin futures contracts that can be margined with Tether (USDT). With this fierce competition, Binance better keep its game face on!