Although the world’s largest cryptocurrency exchange Binance has suspended its services in countries like Israel due to licensing issues, however, the firm continues to deepen its ties with Russia. On Thursday, Binance announced its entry into the <a href="https://www.cryptoknowmics.com/news/bank-of-russia-reports-success-of-digital-ruble-pushes-for-crypto-ban/">Association of Banks of Russia</a>. 
<blockquote>“Binance, the world’s leading blockchain ecosystem in the Association of Bank of Russia to provide a dialog with federal authorities, legislators, experts in the field of digital financial assets and digital currencies.”</blockquote>
Association of Bank of Russia was founded in 1990, the association includes more than 300 banks and financial institutions in Russia, accounting for 90 percent of the country’s banking infrastructure.

The objective of the center is to compile professional reviews on the circulation of <a href="https://www.cryptoknowmics.com/news/banks-crypto-custodians-work-closely-to-introduce-custody-for-digital-assets/">digital assets</a> and digital currencies in Russia. Additionally, to provide the association with data and reports on the international experience of managing crypto assets. 

Olga Goncharova has been appointed to lead the Association’s Expert Center for Digital Financial Assets and Digital Currencies, approved by Association’s Presidium Council. Goncharova joined Binance in January to assist with compliance efforts in Russia and CIS. She was a Department Director at the Bank of Russia before joining hands with Binance. 

Association President Georgy Luntovsky states that Goncharova’s responsibilities would be limited to monitoring the circulation of digital currencies in Russia. He believes that she is an ideal candidate to lead the platform and discuss approaches for the regulation and development of digital assets. 

The Center will primarily focus on preparing reviews on the circulation of digital assets and provide expertise and analytical materials to generalize and circulate international experience. Gleb Kostarev, Binance Director for Eastern European Division told the Russian Banking Community,
<blockquote>“The largest cryptocurrency ecosystem in the world, Binance has a solid track record of working with regulators. I am sure that our developments and our expertise will be positively received by the Russian banking community.”</blockquote>
Binance is renowned for its close cooperation with Russian government-backed organizations and local blockchain advocates. Last year, Binance supplied its NFTs to Russian State Hermitage Museum assisting the museum in raising $440,000 in an <a href="https://www.cryptoknowmics.com/news/aku-nft-series-final-chapter-dropping-on-february-21/">NFT</a> auction of the tokenized antiques. In 2020, Binance campaigned for crypto sector acceptance as a part of a Russian crypto lobby group. 

Binance has also signed a Memorandum of Understanding with Dubai World Trade Centre Authority to establish a 'new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.'

Binance Joins Bank of Russia's Association

World's largest cryptocurrency exchange Binance announced it's entry into the Association of Bank of Russia.

Priyanka is an active crypto enthusiast. Having graduated with a BA in Journalism and Mass Communication, she is a passionate content writer with a strong understanding of financial content. She has been writing on crypto and blockchain-related topics for the last three years and is an active trader.

Binance Joins Bank of Russia's Association

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