Binance Crypto Exchange Adds Four Trading Pairs for Russian Ruble

Published at: Dec. 2, 2019

Major cryptocurrency exchange Binance listed four Russian ruble trading pairs, according to an announcement on Dec. 2.

The first trading pairs featuring the ruble include Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and XRP. Binance CEO Changpeng Zhao commented on the development in a tweet sent the same day.

Binance’s addition of trading pairs follows the introduction of ruble trading on the platform in late October when Zhao announced that users could then deposit and withdraw fiat funds in rubles. 

Zhao has previously lauded Russia’s position as an important jurisdiction for the crypto and blockchain industries, recognizing the wealth of computer science talent in Russia, and going so far as calling President Vladimir Putin the most influential person in the blockchain industry. 

New additions

Rubble support and trading pairs are the latest in a series of new features and assets added to the platform over the last few months. In November alone, Binance added support for the Turkish lira and also became the first exchange to add the Fiat Gateway developed by stablecoin operator Paxos.

In late October, the exchange also launched support for the Nigerian naira. According to Coinmarketcap, over the last 24 hours, the currency has seen a little over $43,000 in trading volume against Bitcoin, and nearly $25,000 against stablecoin Binance USD (BUSD).

Fierce competition

Meanwhile, competitor cryptocurrency trading platforms to Binance are also expanding their scope of operations. As Cointelegraph reported in mid-November, Bitcoin futures trading on the Intercontinental Exchange (ICE)’s Bakkt platform will expand to include a cash-settled option.

In mid-November, crypto exchange OKEx launched Bitcoin futures contracts that are margined with the Tether (USDT) stablecoin.

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