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.”