06 May 2022 · 1 min read

Russian Bitcoin Trading Remains Down on Binance

Source: AdobeStock / Oleg

 

Trading volume in the market for bitcoin (BTC) against Russian rubles (RUB) remains down on Binance after the exchange limited the activity of some Russian users last month.

As of Thursday this week, the 24-hour trading volume in the BTC/RUB pair on Binance stood at BTC 144, up slightly from Wednesday’s volume of BTC 124, as the selling of bitcoin intensified this week.

BTC/RUB price and trading volume since February:

Source: TradingView

Despite the slight uptick over the past week, trading volume in bitcoin using Russian rubles on Binance remains significantly down since reaching a war-time peak of BTC 506 in 24 hours on March 7.

Looking at trading in the US dollar-pegged stablecoin tether (USDT) against rubles, we see a similar situation with slightly rising volumes this week.

As of Thursday, the 24-hour volume in USDT/RUB was USDT 4.963m, up from USDT 4.077 one day earlier. Still, the numbers are far from the war-time high of USDT 37.19m from March 7, when the ruble fell by more than 10% against the US dollar.

USDT/RUB price and trading volume since February:

Source: TradingView

At the time of writing, there were no significant premiums or discounts on BTC or USDT against the Russian ruble on Binance.

Binance is the only major international exchange that offers trading in BTC and USDT using the Russian ruble. Data from the exchange is therefore often used as a proxy for interest in crypto trading in Russia.

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Learn more:
- Binance Bans These Kremlin-Linked Users as Russia Keeps Killing Ukrainians and Sanctions Mount
- Binance Regional Head Agreed to Hand Client Data to Russia After Meeting – Reuters

- Russian Ruble Crypto Trading Falls Again as Moscow Stock Market Opens, RUB Rises
- Binance Limits Its Services in Russia

- No Truth in Reports that Russia’s Finance Ministry Wants Crypto to Become ‘Legal Tender’
- Crypto Exchange Currency.com Attacked After Halting Services in Russia