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Binance joins traditional banking sector ranks to establish legal framework

Binance has joined the Association of Russian Banks to assist in establishing a legal framework, which may provide a glimmer of hope for crypto enthusiasts in Russia.

Late last year, the Central Bank of Russia proposed banning cryptocurrency trading and mining over concerns regarding the threat to financial stability.

The consensus between many institutions in Russia is that crypto should be regulated, not criminalised, which is a stark contrast to the Russian central bank’s proposal of a blanket ban on digital coins.

With the fear of hindering financial stability, the bank feels that regulating cryptocurrencies is impossible and wants to restrict mining and trading.

Binance, which is the world’s largest crypto exchange by trading volume, is aiding Russian financial institutions and government with its regulatory expertise as the Russians cautiously navigate through regulatory territory.

The Association of Russian Banks created an Expert Center for Digital Financial Assets and Digital Currencies, including more than 300 banks and financial companies. The center will be led by Olga Goncharova, Director of Binance in Russia.

According to its representatives, Binance is the first exchange to venture into working within the banking sector.

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