Volume of Russian Ruble on Binance Plunges by 83%
- Bridget Hubbard
- September 7, 2023
- news, Crypto, Crypto Market
- Binance, Russian Ruble, Volume
- 0 Comments
Trading volume of Russian Rubles (RUB) and Ukrainian Hryvnia (UAH) on Binance has sharply dropped due to the Russia-Ukraine conflict and market conditions.
- Binance’s Russian Ruble (RUB) trading volume dropped by 83.2% from $507 million in 2021 to $85 million in 2023.
- Ukrainian Hryvnia (UAH) on Binance sank even more, falling from $300 million to under $20 million.
- Despite these declines, Russian and Ukrainian traders still make up a significant portion of Binance users.
- The ongoing Russia-Ukraine conflict is a major factor in these volume drops, along with other market influences.
The monthly trading volume of Russian Rubles (RUB) on the Binance Exchange has reportedly declined more than 83% in the past two years. The trade volume of Ukrainian Hryvnia (UAH) on the world’s largest crypto exchange has also sunk even more than the RUB’s volume. The ongoing conflict between Russia and Ukraine is believed to be the cause of this decline.
— IC News (@Andrea70571778) September 7, 2023
RUB Monthly Trade Volume Plummets
Crypto research firm Kaiko recently reported the sinking trading volumes of RUB and UAH on Binance. According to their data, RUB’s monthly trading volume went from $507 million in 2021 to just $85 million in 2023, marking a decline of 83.2%. The Russian Ruble’s trading volume on Binance dropped below the $100 million mark in mid-2023 and continued to decline, reaching its two-year low in April of this year. However, it’s worth noting that RUB’s monthly trade volume briefly surged to $800 million after the escalation of the conflict between Russia and Ukraine in February 2022.
UAH Monthly Trade Volume Declines Further
The decline in trading volume is not exclusive to the Russian Ruble. Kaiko’s research also reveals that the monthly trading volume of Ukrainian Hryvnia on Binance has declined even more than that of RUB. Following the conflict in February last year, UAH’s trading volume briefly surged to nearly $300 million. However, in the following months, it sank to as low as roughly $50 million. Currently, the monthly trade volume of Ukrainian Hryvnia is less than $20 million.
Russian and Ukrainian Traders on Binance
Despite the decline in trade volume, Russian and Ukrainian traders remain active on the Binance platform. Russian traders account for nearly 6% of the total users of the crypto exchange, while Ukrainian traders make up over 4.5% of the traffic. Online traffic data also supports this, showing that these two groups are among the top visitors of Binance in the past three months.
This decline in trade volume is likely a result of the ongoing conflict between Russia and Ukraine, as well as other factors affecting the crypto market. It remains to be seen how these geopolitical tensions will continue to impact cryptocurrency trading on Binance and other exchanges.