Binance Russian Users Are Moving to Other Platforms, Not Just CommEx: Report
A significant number of Binance's Russian clients have migrated to alternative platforms, not only to the platform's new owner CommEx.
The shift is evident from the decreased activity in peer-to-peer (p2p) operations, Dmitry Stepanin, the CEO of Satoshkin, said in a recent interview with local news outlet Kommersant.
Stepanin added that professional p2p traders have reported a decrease ranging from 10% to 30%.
At the beginning of 2023, Binance accounted for approximately 7,700 ruble p2p transaction advertisements per day.
However, this number dwindled to 6,300 by mid-year and plummeted to 3,400 by the end of September.
As of October 3, there was no available data on ruble transactions on Binance.
According to Stepanin, the majority of crypto traders have migrated to the ByBit exchange, which has been actively promoting its services.
Other exchanges similar to Binance, such as Huobi, Bitget, KuCoin, and Gate.io, are also expected to attract additional inflows.
Data by P2P.Army, an analytical service for P2P arbitrage and arbitrage between crypto exchanges, shows a consistent growth in active advertisements on these alternative exchanges.
Huobi, for instance, had 3,900 to 4,000 advertisements in the first half of the year, which increased to 4,300 in September and surpassed 4,500 in early October.
Bybit witnessed a rise from 1,800 advertisements in the first half of the year to over 2,700 in October.
Anton Toroptsev, the CEO of CommEx, told Kommersant that former Binance users have the freedom to choose whether to join their platform or explore other options.
"But everyone will have a personal choice whether to join us or try their luck with another platform."
He predicted that approximately one million users would migrate to
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