An increase in Russian traffic to global cryptocurrency exchanges over the past two quarters has prompted officials to warn about the risk of Western sanctions.
According to a central bank study, Russian traffic to several major cryptocurrency exchanges increased by 16.4%, reaching 104.6 million visits.
Russia's share of global traffic remains below its 2023 peak
According to a recent study conducted by the Central Bank of Russia, cryptocurrency transactions by Russians on global exchanges have increased sharply over the past two quarters, prompting officials to issue warnings about increased risk to users.
As reported by local news agency RBC, the number of visits to the websites of several major cryptocurrency exchanges during this period exceeded 104.6 million, an increase of 16.4% compared to traffic web recorded in Q2 and Q3 2023.
Additionally, the number of Russian monthly unique users on major cryptocurrency exchanges increased by 15.1%. These users accounted for 7% of total traffic on these platforms in the first quarter of 2024. However, this is still below the peak of 9% recorded in Q1 2023.
The report also highlights the potential risks users face due to increased cryptocurrency adoption. Specifically, if Western countries increase pressure on digital asset issuers, Russian users may experience additional challenges and uncertainties, the report argues.
“It is necessary to take into account the risks associated with possible sanctions from unfriendly countries. The possibility of losing access to funds cannot be ruled out if they are locked up by stablecoin issuers,” the report states.
Restructuring of the Russian cryptocurrency market
Russia's central bank has reportedly published recommendations on the handling of cryptocurrencies that local banks are expected to comply with. Some recommendations include banning trading of financial instruments related to crypto assets, as well as banning advertising of services related to the circulation of crypto assets.
Meanwhile, the report also notes that Binance's withdrawal from the market, which accounted for 47% of total web traffic in the third quarter, has led to a restructuring of the Russian cryptocurrency market. Five crypto platforms targeting emerging markets saw their traffic share increase from 39% in Q3 2023 to 64% in Q1 2024, research data shows.
Despite withdrawing from the Russian market in September 2023, Binance still holds a 16% share of the market, according to the report.
Source: https://tapchibitcoin.io/luu-luong-truy-cap-cua-nga-toi-cac-san- Giao-dich-crypto-toan-cau-tang-vot-nhtw-nga-canh-bao. html