Crypto Exchange Binance Blacklisted by Russia’s Telecom Censorship Agency | Exchanges Bitcoin News
Russia’s telecom regulator Roskomnadzor has added Binance, the world’s largest crypto exchange, to the list of blacklisted websites in the country.
The exchange was blacklisted on June 2, 2020, but Binance became aware of this only on September 24th, after receiving communication from Roskomnadzor.
In an announcement on its Russian Telegram channel, Binance said it was included on the list of prohibited domains because its website includes information about the purchase and sale of crypto assets like bitcoin (BTC).
According to Roskomnadzor, Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media, distribution of such data is restricted in the country.
However, Russians can still access the exchange without the use of censorship-resistant tools such as a virtual private network (VPN). Binance said crypto users’ funds stored with the platform are safe. It is also taking legal advice on the way forward.
In its announcement, the exchange revealed that it had not received any prior warning from Russian authorities about any violations.
We were not previously notified of any claims by law enforcement agencies, civil government services or courts prior to receiving the above notification. We have now engaged our legal counsels for further advice and would like to assure all of our Russian users that there will be no disruption to their services in the interim and that their funds are safe.
Roskomnadzor has previously blacklisted Bestchange.ru, a major local crypto data aggregator. Digital assets have somewhat remained a grey area in Russia for a long time, although the Eastern European country has now officially classified virtual currencies as property. However, cryptocurrency cannot be used to pay for goods and services.
In recent months, Russia’s finance ministry has released a number of crypto-related bills that, on the whole, appear to criminalize crypto transactions. The country is now updating the proposed laws, looking to impose heavy fines and jail terms on Russian users who fail to declare their crypto earnings to the country’s tax agency.
What do you think about Binance being blacklisted in Russia? Let us know in the comments section below.
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Author: Exchanges by Jeffrey Gogo
Roskomnadzor, Russia’s telecom watchdog blacklists Binance’s website
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Within the announcement, Gleb Kostarev, Binance’s head of operations in Russia and the CIS famous that the alternate unveiled this information instantly after receiving a notification from Roskomnadzor. Whereas the regulator has positioned Binance’s web site on its record on prohibited web sites, Russian’s can nonetheless entry it with out further instruments reminiscent of a digital personal community (VPN). On the time of writing, 9:43 AM UTC, the location is presently listed on the official register of Roskomnadzor’s blacklisted web sites. Per Roskomnadzor’s registry, Binance was listed on June 2, 2020, and entry to the location was not restricted on the time.
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Crypto ETP volumes fell in September as investors sought safer options
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Cryptocurrency ETP volumes continue to drop as long-term investors look for safer options during Bitcoin’s dry spell.
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Cambridge Study Shows 100M People Worldwide Use Crypto-Based Assets
The Cambridge Centre for Alternative Finance had its researchers recently reveal that 100 million people across the globe are currently holding some sort of blockchain-based asset.
Back in 2018, the 2nd Global Cryptoasset Benchmarking Study was done, and estimated that the number of crypto users with verifiable identities ranged at around 35 million, globally. However, more than 191 million accounts were opened at crypto exchanges across the globe, as of Q3 2020, with this figure not even including self-hosted wallets.
The researchers at Cambridge gave an explanation of this incredible increase. They explained that this massive growth in users, 189% in total, can be explained by two reasons. They stated that it could be that a greater share of accounts could be systematically linked to the identity of an individual, alongside the number of accounts themselves rising by 37%. This, the researchers said, allows them to increase the estimate made at the minimum number of users associated with accounts on every crypto service provider.
The study also highlights the geolocation of these respective customers. Researchers highlighted that North America and Europe-based crypto firms report a larger amount of user activity. The median firm indicates that 40% of its total users are considered active. This figure, according to the researchers, stands fare lower in firms based in Latin America and APAC regions, who had reported 10% and 16% active users, respectively.
The study further highlighted Decentralized Finance, or DeFi, describing it as an experimental and risky innovation at the time. However, the study speculates that it will be capable of coming to fruiting in the near future, as well.
The methodology of the Centre itself combined surveys and public data, leveraging a combination of the average share of ID-verified accounts surveyed and verified user data when doing this study.
While there are limitations to this methodology, as the researchers say themselves, they are convinced that these published numbers serve as a reliable, if approximate figure. The figure in question is the total number of crypto asset holders spread across the globe.
The world is very clearly gearing towards greater mainstream integration of cryptocurrencies. It’ll only be a matter of time before the world at large has integrated it into the day-to-day life of the finance sector. As it stands now, China is the leader in this front, and it will be interesting to see how things will escalate from here.
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