TL: DR Breakdown
- Binance Exchange has been removed from the blacklist in Russia.
- Trading volume and access to the exchange wasn’t affected by the blacklisting.
Popular crypto exchange, Binance, has heaved a sigh of relief after Russian authorities rescinded a decision to blacklist the platform in the country. The decision to add the exchange to the list of blacklisted entities within Russian borders was reached in September 2020. Since then, the exchange has been working to get its name cleared.
On the 20th of January, 2021, a court hearing by the Arkhangelsk Regional Court culminated in the annulment of the earlier decision, paving way for the exchange to be removed from the blacklist. The decision comes days after Russian lawmakers adopted a bill, dubbed “Digital Financial Assets” (DFA), that introduces a legal approach to digital assets. As such, the bill sets the stage for the legitimization of cryptocurrencies as acceptable means of exchange that’s viable for trading.
Why was Binance blacklisted?
Just like many other governments threatened by the rise of uncensored crypto technologies, the Russian government hasn’t been fully welcoming of cryptocurrencies. Governments have been known to find ways to make it harder for cryptos to be traded within their borders. In the case of Russia, the Binance exchange was added to the list of websites prohibited in Russia after being accused of sharing restricted information. The exchange was then blacklisted by the Russian telcom regulator, Roskomnadzor, after a court made a verdict to that effect in September 2020.
The restriction was moot
Despite having been blacklisted since last September, access to the Binance website in Russia hasn’t been affected, and trading volumes have remained steady in the region. Also, Binance Coin (BNB) has gained value of late. It’s currently at position 10 on the charts and posting a trading volume of more than $631 million.
However, the exchange sees it as a matter of importance to maintain a solid reputation, and not one associated with the accusations. The company expects to receive communication of the latest court decision in the coming weeks, after which it plans to forward a notification to the telcom regulator to request for removal of its name from the blacklist.