Trading platforms face sharp surge of volume in pairs with ruble and hryvnia

Last week cryptocurrency exchange platforms recorded a sharp increase in trading volumes in pairs with the Russian ruble and the Ukrainian hryvnia.

According to Chainalysis, the daily volume of bitcoin trading against the Russian ruble reached $25 million on February 20, and jumped to $125 million by February 24. The daily bitcoin trading volume with the Ukrainian hryvnia on February 20 stood at $6 million, and by February 24 exceeded $40 million.


According to the analytical service Kaiko, the trading volume in the BTC/RUB pair reached an eight-month high, as well as the trading volume in the USDT/RUB pair reached an eight-month high (1.3 billion rubles).

“The activity was concentrated on Binance,” Kaiko’s research analyst Clara Medalie told CoinDesk in an email. “Bitcoin-Ukrainian hryvnia volume has also spiked, but not as high as October levels. BTC-UAH only trades on 2 exchanges – Binance and LocalBitcoin.”

Meanwhile, crypto exchange Binance, which earlier joined the banking industry association in Russia, said it is not currently considering freezing Russian user accounts. However, a spokesman for the exchange said that Binance designated a dedicated global team to comply with world sanctions.

“Because Binance is an international company, we have to take into account the sanctions.”


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