“A lot of small Russian investors are buying bitcoin,” said Andrew Tyu, business development manager at crypto-algorithmic trading firm Efficient Frontier. Some people are taking extra precautions.” Russia’s share in the total volume of global trading of bitcoin is very small. The average trading volume of bitcoin per day ranges from 20 billion to 40 billion dollars. On Saturday, the total trading volume of bitcoin, which is dominated by ruble, was approximately $14.2 million.
Only three global crypto exchanges Binance, Yobit and LocalBitcoins offer trading of cryptocurrencies dominating the ruble. Exchanges including Binance and Coinbase have said they will not ban ordinary Russians from using their service. However, efforts are being made to block users associated with banned individuals and entities. For example, Coinbase has said that it has blocked more than 25,000 addresses on the banned list.
Caroline Bowler, chief executive of Australian crypto exchange BTC Markets, said her firm is blocking Russian entities that are under sanctions. “Trading in bitcoin has increased, especially from small investors,” he told Bloomberg Television in an interview. Many countries, including the US, Britain and France, have imposed strict sanctions on Russia after the attack on Ukraine. Apart from this, some big companies have also stopped business in Russia. These include petroleum company Shell, which has decided not to buy oil from Russia. <!–
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