Binance, the world's largest cryptocurrency exchange, is doing more to increase compliance in the Commonwealth of Independent States (CIS), Russia, and Ukraine.
Binance plans to expand its operations in the region and boost local cryptocurrency compliance and education, Gleb Kostarev, Binance's chief operating officer for Russia and the CIS, told Cointelegraph on Tuesday. The company also hopes to focus on the development and local community of Binance Smart Chain (BSC), he noted.
As part of the effort, Binance Announced various local hires, including Olga Goncharova, Binance's new head of government relations in Russia and the CIS.
Goncharova previously served at the Bank of Russia as head of the bank's reporting department since 2014. She was responsible for the processing of financial statements of companies under the supervision of the central bank, and also led various Bank of Russia projects related to fintech. and digital transformation.
โBinance places a great emphasis on regulation and compliance in operating jurisdictions. Binance's unique community, cutting edge technology and innovative approach to work provide Binance with great opportunities for further development, โsaid Goncharova.
Vladimir Smerkis, co-founder of the cryptocurrency platform Tokenbox, also joined Binance as a director of Binance Russia. Other new regional hires include former BNP Paribas executive Kirill Khomyakov, who will act as general manager of Binance Ukraine.
"With a proven track record, the new executives will certainly have a positive impact on Binance's growing presence in Russia, Ukraine and Eastern Europe," Kostarev said.
Related: Bank of Russia will allow investment in cryptocurrencies through foreign companies
The latest news marks a significant strategic move on Binance's part as the region has increasingly emerged as one of the world's largest crypto hotspots and mining hubs.
Kazakhstan, a major CIS member state, is the second largest Bitcoin (BTC) mining country after the United States, responsible for 18% of the total BTC mining hash rate as of October 2021. After Kazakhstan, Russia produces 11% of the global BTC mining hash rate and is the third-largest visitor to the Binance website, according to data from SimilarWeb.
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