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Russian bank union appoints Binance exec to head crypto expertise unit

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The Russian Banks Association has developed a specialized expert centre for crypto legislation.

Even though Binance has stopped its services in a region like Israel due to licensing issues, the nation's biggest crypto exchange by trading activity seeks to expand ties with Russia.

Binance unveiled its membership in the Association of Banks of Russia on Thursday, intending to enhance contact with local authorities, legislators, and crypto experts.

Since its inception in 1990, the association has expanded to include around 300 banks and financial institutions in Russia, accounting for almost 90% of the country's banking infrastructure.

Binance's participation in the association has been accepted by the association's council, leading to the development of a specialized expert centre for digital financial assets and digital currencies.

The expert centre aims to compile professional reports on the flow of digital assets in Russia, offer specialist data on the subject to the association and its representatives, and remark on overseas experience with crypto assets.

The association's expert centre was headed by Olga Goncharova, Binance's director in Russia and the Commonwealth of Independent States (CIS), who was authorized by the association's praesidium council. In January, Goncharova joined the crypto exchange to assist regulation in Russia and the CIS. She was a department director at the Bank of Russia before joining Binance.

When introducing Goncharova, Association president Georgy Luntovsky stated that she will be in charge of effective supervision of digital currency circulation in Russia. He added, “In our opinion, she is a good candidate to lead the platform where the expert community could discuss approaches to the regulation and development of digital financial assets.”

Binance's Eastern Europe division director, Gleb Kostarev, showed optimism that Binance's skills in the crypto market will be well accepted by the Russian banking community.

“We are on the verge of a global transformation in the field of cryptocurrency regulation. Binance, as the largest cryptocurrency ecosystem in the world, has a solid track record of working with regulators,” Kostarev stated.

Binance is well-known for its strong collaboration with various Russian government-backed groups and also local blockchain enthusiasts.

Binance offered its nonfungible token (NFT) platform to the Russian State Hermitage Museum in 2021, assisting it in raising around $440,000 in an NFT auction of the museum's tokenized collectibles. Binance executives were also campaigning for crypto sector adoption in 2020 as part of a Russian crypto lobby group.

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