Binance has just announced that they will launch new trading pairs on the exchange that will peg cryptocurrencies to the Russian ruble. The exchange says the pairs will launch in “about two weeks or so”.
While the launch of the pairs goes in hand with Binance’s strategy of expansion into new markets where crypto-to-fiat trading is in demand, it is not clear how the exchange will handle any serious price fluctuations in the Ruble, which tend to happen from time to time as a result of geopolitical tensions, as well as changes in the oil markets.
Furthermore, as raised by Finance Magnates, it’s not clear if Russian investors will be able to take advantage of the new trading products, as the status of cryptocurrencies in the Russian Federation is still undetermined. There have been signs that the government may restrict access to digital asset trading altogether, or prescribe investor categories, including qualified and unqualified investors.