{"id":411942,"date":"2022-03-04T06:36:04","date_gmt":"2022-03-04T03:36:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russian-crypto-volume-across-major-exchanges-plunges-by-50\/"},"modified":"2022-03-04T06:36:04","modified_gmt":"2022-03-04T03:36:04","slug":"russian-crypto-volume-across-major-exchanges-plunges-by-50","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russian-crypto-volume-across-major-exchanges-plunges-by-50\/","title":{"rendered":"# Russian crypto volume across major exchanges plunges by 50%"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e8ba5f337b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e8ba5f337b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/russian-crypto-volume-across-major-exchanges-plunges-by-50\/#%E2%80%9D_Russian_crypto_volume_across_major_exchanges_plunges_by_50_%E2%80%9C\" >&#8221; Russian crypto volume across major exchanges plunges by 50%  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Russian_crypto_volume_across_major_exchanges_plunges_by_50_%E2%80%9C\"><\/span>&#8221; Russian crypto volume across major exchanges plunges by 50%  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMTZiMzQ4ZTktMzAxYi00N2RiLWFmMzgtYmY5ZjZhYjQ1OGRlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Data from blockchain-analysis firms show that Russian denominated crypto purchasing and trading on major exchanges have faltered, debunking theories that the country will pivot to digital assets to circumvent sanctions.\u00a0<\/p>\n<p>When <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.google.com\/search?q=cointelegraph+bitcoin+tracker&amp;ei=YnAhYsTsH-aG4-EPpqKB-AY&amp;ved=0ahUKEwjEpe3oq6v2AhVmwzgGHSZRAG8Q4dUDCA8&amp;uact=5&amp;oq=cointelegraph+bitcoin+tracker&amp;gs_lcp=Cgdnd3Mtd2l6EAMyBQghEKABMgUIIRCgAToHCAAQRxCwAzoNCC4QxwEQ0QMQsAMQQzoFCAAQgAQ6BggAEBYQHkoECEEYAEoECEYYAFD5AViYCGDOCGgBcAF4AIAB3gGIAcMIkgEFMC41LjGYAQCgAQHIAQnAAQE&amp;sclient=gws-wiz\">Bitcoin<\/a> rallied over 15% last week, some industry <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/03\/01\/mark-mobius-on-bitcoin-price-rally-after-sanctions-on-russia.html\">experts<\/a> attributed the surge to Russians buying cryptocurrency in the face of increasing economic sanctions. This theory seems to be proved false, however, as data from Chainalysis showed that ruble-denominated crypto trading volume was just $34.1 million on March 3, around half of a recent peak of $70.7 million a week ago on Feb. 24. <\/p>\n<p>Speaking on the matter of sanctions-fueled crypto purchasing to Bloomberg, Citigroup analyst Alexander Saunders said, \u201cRussian volumes have been relatively small so far, suggesting that the price action is more due to investors positioning for an expected uptick in demand from Russia, rather than Russian demand itself.\u201d<\/p>\n<p>Despite experts rejecting the idea that crypto could be used to help Russia skirt economic sanctions, the U.S. and the E.U. are still increasing their regulatory scrutiny of digital assets. <\/p>\n<p>Recently, New York state increased its blockchain surveillance capacities to further prevent cryptocurrencies or digital assets from being used to support Russian interests. <\/p>\n<p>NY Governor, Kathy Hochul issued an executive order on Feb. 27 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.governor.ny.gov\/sites\/default\/files\/2022-02\/Executive%20Order%20No.%2014.pdf\">directing<\/a> state agencies to divest from Russian institutions and companies, as well as entities that provide them with support. She said:<\/p>\n<blockquote><p>\u201cNew York is proudly home to the nation\u2018s largest Ukrainian population and we will use our technological assets to protect our people and show Russia that we will hold them accountable.\u201d<\/p><\/blockquote>\n<p>Highlighting the other side of the narrative, Jake Chervinsky, head of policy at the Blockchain Association in the U.S., went as far as to call these concerns about crypto \u201ctotally unfounded\u201d.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Russia can&#8217;t &amp; won&#8217;t use crypto to evade sanctions.<\/p>\n<p>Concerns about crypto&#8217;s use for sanctions evasion are totally unfounded. They fundamentally misunderstand:<\/p>\n<p>&#8211; how sanctions work<br \/>&#8211; how crypto markets work<br \/>&#8211; how Putin is actually trying to mitigate sanctions<\/p>\n<p>I&#8217;ll explain <\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jchervinsky\/status\/1498786025438650369?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Further echoing this sentiment was Ari Redbord, head of legal and government affairs at crypto crime investigator TRM Labs, stating that it\u2019s too late for crypto assets to be able to provide enough liquidity for Russia and that the public nature of blockchains is already a sufficient deterrent for those seeking to circumvent sanctions. <\/p>\n<blockquote><p>\u201cRussia cannot use crypto to replace the hundreds of billions of dollars that could be potentially blocked or frozen.\u201d<\/p><\/blockquote>\n<p><strong>Related: <\/strong><strong>European Commission to remove Russian banks from SWIFT cross-border network<\/strong><\/p>\n<p>In the face of looming regulatory action from the international community, many of the world\u2019s leading crypto exchanges have decided to blacklist sanctioned individuals and organizations. Binance, however, has refused requests to censor the accounts of \u201cinnocent\u201d Russian customers. <\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/russian-crypto-volume-across-major-exchanges-plunges-by-50\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Russian crypto volume across major exchanges plunges by 50% &#8220; Data from blockchain-analysis firms show that Russian denominated crypto purchasing and trading on major exchanges have faltered, debunking theories that the country will pivot to digital assets to circumvent sanctions.\u00a0 When Bitcoin rallied over 15% last week, some industry experts attributed the surge to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":411943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMTZiMzQ4ZTktMzAxYi00N2RiLWFmMzgtYmY5ZjZhYjQ1OGRlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,76695,74355,71290,70934,4975,71523],"class_list":["post-411942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-u-s","tag-adoption","tag-economics","tag-regulation","tag-russia","tag-sanctions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/411942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=411942"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/411942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/411943"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=411942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=411942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=411942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}