Huobi crypto exchange launches trading app in Russia
Huobi captures Russian market amid blocking Binance
Cryptocurrency exchange Huobi decided to take the place of Binance almost immediately after blocking by the RKN
Huobi’s close cooperation with the country’s top leadership dates back to 2018
Some question the fairness of the exchange’s trading volumes
Cryptocurrency exchange Huobi unveils its own mobile application for trading cryptocurrencies for the Russian market amid blocking Binance
One of the largest crypto exchanges in terms of trading volume, Huobi has released a mobile cryptocurrency trading application for the Russian market. The exchange announced this in an official press release..
Huobi itself claims that the decision to release a special application for the Russian market confirms the exchange’s intentions “to strengthen its presence in emerging markets around the world. The exchange emphasizes that only Russian users already account for 10% of the total volume of spot trading on the platform.
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Vice President of Huobi Group Ciara Sun noted that the exchange is aware of the potential tight regulation of cryptocurrencies in Russia, but is “fully committed to this market.”.
“Despite recent rumors of new cryptocurrency regulation in Russia, we are fully committed to this market and are well under way to provide local users with a more intuitive way to buy and exchange cryptocurrency from their mobile devices,” she said..
The mobile application is available on iOS and Android operating systems.
The release of the trading application is taking place against the background of Roskomnadzor blocking another large trading platform – Binance. According to an official statement from Binance, Roskomnadzor has included the crypto exchange website in the list of prohibited due to the availability of information about the possibility of buying and selling bitcoins.
It is noteworthy that back in 2018, Huobi founder Leon Li personally met with ex-adviser to the President of Russia on economic issues Sergei Glazyev to discuss blockchain technology, cryptocurrencies “and Huobi’s potential place in the Russian financial market.”.
PRNewsfoto / Huobi
Then Glazyev said that Huobi’s entry into the Russian market would have a “positive effect on Russia’s economic growth.”.
Huobi’s expansion into the domestic market is taking place amid national uncertainty around cryptocurrency regulations. Russian legislators still do not have a unified position on the prohibition or legalization of the market.
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The Russian Association of Cryptocurrencies and Blockchain (RACIB) has already stated that digital business, with “prohibitive and absurd norms”, will be in the position of seeking foreign jurisdiction for its activities.
At the end of August, the BeInCrypto editors reported that according to the analytical firm Blockchain Research Lab, cryptocurrency exchanges Huobi, FCoin and OKEx were among those who definitely inflate trading volumes. Researchers used data from the “honest group” to scrutinize exchanges with fraudulent volumes.
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