- Huobi Crypto exchange launches its mobile trading app in Russia.
- The trading app will allow Russian users to access trading pairs like LTC/BTC, ETH/BTC, BCC/BTC, and BTC/USDT.
- Russia imposes stringent restrictions on crypto trading.
Huobi has launched its trading app to the Russian market despite strict crypto regulations. The mobile app will allow Russian users to access trading pairs like LTC/BTC, ETH/BTC, BCC/BTC, and BTC/USDT, among others.
Russian clients will access various trading pairs using trading methods like limit and market orders. However, Huobi does not support Russia’s fiat currency, the ruble.
Reasons for Russian Market Expansion
Despite the restrictions that pose limitations on crypto trading, Huobi saw Russia playing a crucial role in its market expansion plans. The exchange is fully committed to giving Russian users a more intuitive way to buy and trade crypto from their mobile devices.
Huobi Group’s Vice President of Global Markets Ciara Sun noted that:
The exchange planned to empower 100 million households worldwide to own digital assets.”
The Russian market will enable Huobi to achieve the plan as the country is also leading in the region in terms of crypto adoption. In addition, a study by crypto research company Chainalysis revealed that Russia ranks second in the global adoption of cryptocurrencies in Eastern Europe.
Most importantly, Russian users account for as much as 10% of Huobi’s total spot trading volume.
Crypto Regulations in Russia
Russia recently passed a cryptocurrency bill that will be effective from January 21, 2021. The law states that though crypto will be allowed in Russia, the digital currencies will not be allowed to be used in exchange for any goods or services.
Banks in Russia will be able to open crypto exchanges and issue digital currencies only under the supervision of the central bank. Prior, the country had enforced an order associated with any activities involving cryptocurrencies as a criminal offense.