Russians are increasingly seeking new crypto platforms following Binance’s exit from the market, according to the Bank of Russia. The central bank’s latest report shows a significant increase in crypto market activity among Russians in Q4 2023 and Q1 2024.
During this period, web traffic to major crypto platforms surged by 16.4%, reaching 104.6 million visits. The number of unique Russian users grew by over 15%, and Russian visits to these sites rose to 7% in Q1 2024. Inflows and outflows of cryptocurrencies like Bitcoin and Ethereum by Russians climbed to 4.5 trillion rubles (about $51 billion), a 15.6% increase from Q2 and Q3 of 2023.
The shift occurs amid internal turmoil in the Russian crypto market, with users seeking safer platforms due to incidents like the Beribit scandal. Despite rising activity, the Bank of Russia states that crypto investments are not yet a significant risk to the country’s financial stability.
This trend underscores the strategic need for reliable crypto platforms in the evolving Russian market.
