COVID-19 pandemic boosts crypto trading in Russia

Monday 8 June 2020 11:22 CET | News

A rise in Bitcoin trading across Russia has been revealed by a study performed by several Russia-based crypto exchanges since March 2020 amid the COVID-19 lockdown.

Representatives from the Russian offices of exchanges like Binance, Garantex, and EXMO, highlighted the growth in the number of users in Russia, according to CoinTelegraph. For instance, the head of the representative office of Binance in Russia explained that the number of registrations on their platform during April 2020 was two times higher than in December of 2019.

On the other hand, the founder of Garantex clarified that the increase in activity on cryptocurrency exchanges ‘is not associated with those people who withdraw money from deposits or receive payments from the budget’. As such, self-isolating from the coronavirus was one of the drivers that led to increased trading volumes.

The EXMO crypto exchange site activity grew by about 15-20%, registering a 12% increase in Russian users. These figures were compared with the same period from March to May 2019.

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Keywords: Binance, Garantex, Russia, EXMO, cryptocurrency, cryptocurrency exchanges, Bitcoin, COVID-19, lockdown, Bitcoin trading
Categories: DeFi & Crypto & Web3
Countries: Russian Federation
This article is part of category

DeFi & Crypto & Web3