The departure of Binance from Russia in early 2024 has triggered a significant shift in the country’s cryptocurrency landscape.
Following its exit, Binance’s web traffic share dropped dramatically from 47% to 16% within a quarter. Despite Binance’s absence, the Russian crypto market has seen a surprising surge. Overall, web traffic across crypto platforms increased by 16.4%. The void left by Binance has been filled by a group of local exchanges. Their combined web traffic share has skyrocketed from 39% to 64% in just six months.
The number of unique users on Russian crypto platforms has grown significantly, indicating heightened user engagement. The proportion of Russian internet visits to crypto sites has risen, suggesting a deepening interest in digital assets. The report reveals a substantial increase in inflows and outflows of major cryptocurrencies by Russian users.
The specific identities of the local exchanges dominate the market—the long-term sustainability of this growth within the Russian regulatory environment.
Overall, Binance’s departure has had an unintended consequence: it has fueled the rise of local Russian cryptocurrency platforms. This shift, coupled with increasing user engagement and activity, suggests a robust and evolving crypto market in Russia.
