Published on February 10th, 2021 | by Diogo Costa0
Why Binance’s whitelisting in Russia is a good opportunity for exchanges
After blocking the exchange last September, Russian authorities have now whitelisted Binance in the country. The blocking occurred after several notifications were issued to the exchange, which then led to the situation that has just now been reverted, allowing Binance to fully operate in Russia.
According to the official press release, the exchange was represented in court by the Digital Rights Center, represented by partners Mikhail Bautin and Mikhail Tretyak. Once the legal inferences of the exchange were accepted, it was approved by the Russian Entity and will have its website removed from the country’s Unified Registry of Prohibited Internet Resources.
The reason for the revoking of the decision was of an international legal nature. According to the document, there was a violation of the procedure code during the initial block. This is because the exchange was not notified of the trial, and the decision was only made known after Roskomnadzor (Russian federal executive body responsible for the control, censorship and supervision in the media field, including electronic media and mass digital communication) received notification of the site blocking.
These news seem great for Binance and its customers, but they can extend to the entire crypto industry as, after this decision, the door is open for more exchanges to get into the playing field – which is quite surprising, taking into account Russia’s initial stance towards crypto assets.
Russia is a massive country, with a population of over 140 million people, and also an economic giant, having the world’s 11th biggest nominal GDP. This makes it a very good country to invest in. And with the recent Binance news, crypto is definitely an area to consider doing it in, especially if you consider that Eastern Europe is big on cryptocurrency adoption.
The interest in crypto is growing in the country, so there is a huge opportunity for anyone wanting to start their own crypto exchange. This is something in which bitHolla’s HollaEx Kit, can help – this is an open-source crypto exchange software that is easy for anyone to use, as it ships with great onboarding tools that make the initial steps of building your own crypto exchange as simple as possible.Binance being whitelisted in Russia clearly opens an opportunity for exchanges in general to enter the country, but also for anyone to enter the market with their own custom crypto exchange solution. There are many tools that allow you to do this so, if you are this person, then do not let the opportunity slip by.