Binance Executive to Lead a Crypto Expert Center for Association of Banks of Russia

The Association of Banks of Russia has formed an expert crypto center that will focus on crypto regulation. Binance executive Olga Goncharova will lead the operations in the expert center. The center will be tasked with reviewing crypto circulation in Russia and international developments in the industry.

Binance Executive to Spearhead Operations at Russia’s Crypto Expert Center

Even after severing its ties with countries like Israel, Binance is still gaining support from other regulators. Its relations with Russia are growing stronger with a recent revelation that it will be a new expert crypto center member. 

The world’s largest crypto exchange by trading volume announced on Thursday that it had joined forces with the Association of Banks of Russia. The joint effort targets facilitating dialogues with local authorities and crypto experts regarding the usage of the coins.

The Association of Banks of Russia was founded in 1990 and now includes over 300 banks. It also controls over 90% of the total financial services in the country. The association has allowed Binance to join the expert crypto team to offer their technical know-how on the assets.

Binance’s Director of government relations in Russia and Commonwealth of Independent States(CIS), Olga Goncharova, has taken the lead at the center. She assumed power after approval from the association’s presidium council.

Goncharova joined Binance in January to help in improving the platform’s compliance in Russia and CIS. Before joining the exchange, she was a department director at the Bank of Russia.

Russia’s Expert Crypto Center

The Association of Banks of Russia has developed one of the most important working teams ever. It has revealed that an expert crypto center is operational and will focus on drafting professional reviews on crypto usage in Russia. 

The center will also provide the association and its members with expert data on the assets and a report on the international usage of the assets. While introducing Goncharova, the Association’s President Georgy Luntovsky said that she will be responsible for monitoring the circulation of cryptos in Russia.

“In our opinion, she is a good candidate to lead the platform where the expert community could discuss approaches to the regulation and development of digital financial assets,” He said.

Gleb Kostarev, Binance Eastern Europe division director, showed confidence that the exchange’s expertise on the industry would be welcomed by the Russian banks.

“We are on the verge of a global transformation in the field of cryptocurrency regulation. Binance, as the largest cryptocurrency ecosystem in the world, has a solid track record of working with regulators,” Kostarev explained.

Binance has had a good relationship with Russian regulators as it has worked with organizations backed by the Russian government before. Last year, the exchange provided its NFT platform to the Russian State Hermitage Museum for its NFT auction.

The auction laked in $440K from the assets. Binance executives also advocated for crypto adoption as part of a Russian crypto lobby group in 2020. These developments are enticing as other banks globally are also exploring how to adopt cryptos. However, DYOR before investing as the market is highly volatile.