Platforms to ban Russians It’s been a tough few weeks for Russians in the cryptocurrency world. One of the best places to start trading bitcoin is Bitcoin Prime. First, popular exchange Binance announced. That it would be banning Russian users, and now Coinbase has followed suit. The Dapper wallet is also getting in on the action, announcing that it will no longer support Russian users.
This news comes as a blow to the Russian cryptocurrency community. Which was already struggling to find ways to participate in the global market. With these major platforms cutting them off, it’s going to be even harder for Russians to get involved in the cryptospace. But all is not lost. There are still some options available for Russians who want to get involved in cryptocurrencies. In this blog post. We will explore some of the alternatives to the major platforms that have banned Russians. We’ll also look at what the future may hold for Russian crypto users.
About Binance
Binance (styled as BINANCE) is a cryptocurrency exchange founded in 2017. The company is based in Malta and has offices in Singapore, Hong Kong, the United Kingdom, and Japan.
Binance was founded by Changpeng Zhao. A developer who had previously created high-frequency trading software for stock exchanges. Zhao also co-founded OKCoin, one of China’s largest cryptocurrency exchanges.
Following the launch of its mainnet in April 2019. Binance Coin (BNB) became an independent blockchain with its own native token. As of May 2021, Binance Coin is the sixth-largest cryptocurrency by market capitalization with a total value of over $62 billion.
In January 2018, CZ announced that Binance would use the technology of the Decentralized Exchange (DEX). to offer users a decentralized trading experience on the Binance platform. In March 2019, Binance DEX was launched on the mainnet of the Binance Chain blockchain.
In July 2019, Binance revealed that it had invested $15 million in Mauritius-based crypto startup Chiliz. to help develop its Fan Token offering platform. As part of the deal, Chiliz will provide Fan Tokens for some of the biggest sports teams in the world. including FC Barcelona, Juventus F.C., and AS Roma.
In September 2019, Binance announced that it had acquired Indian crypto exchange WazirX. The acquisition marked Binance
About The Dapper
The Dapper is a popular cryptocurrency exchange that allows users to buy and sell digital currencies. The platform has been around for several years and has built up a large user base. However, recent news reports have suggested that The Dapper may be facing some difficulties.
According to sources, The Dapper is facing pressure from the Russian government. to ban Russians from using the platform. This is due to the fact that The Dapper allows users to trade cryptocurrencies. which are not currently regulated in Russia.
If The Dapper does indeed ban Russians from using its platform, it would be a major setback for the company. The Dapper has become popular among Russians. because it offers a simple and convenient way to trade cryptocurrencies. If the company is forced to ban Russians, it will likely see a significant drop in users and trading volume.
Reason of banning the platforms in Russia
The Russian government has been cracking down. On cryptocurrency trading platforms in recent months. In April, the country’s central bank announced. that it was considering banning crypto exchanges. And now, it looks like the ban could become a reality.
Coinbase, Binance, The Dapper and other popular crypto trading platforms. They have all announced that they will be banning Russian users from accessing their services. The reason for this is simple. the Russian government has made it clear that it is not supportive of cryptocurrencies.
While some countries have embraced digital currencies, Russia has been hesitant. The country’s central bank has warned Russians. And recently, the Russian government proposed a set of regulations. that would heavily restrict the trade and use of digital currencies.
Given the hostile environment towards cryptocurrencies in Russia. it’s no surprise that trading platforms arebanning Russian users. It’s simply not worth risking running afoul of the Kremlin by servicing a market that is not welcome to digital currencies.
Conclusion
It is clear that Coinbase, Binance. and other platforms are taking measures to ban Russian users. While it is unfortunate that Russians will no longer be able to use these platforms. it is understandable given the current situation.