CommEX calculated the income of bitcoin exchanges working with Russians

In January 2024, Russian users became leaders in the number of visits to the Bybit cryptocurrency exchange — they accounted for 23% of traffic. Russians are also active on the platforms MEXC (19% of total traffic), Bitget (11%) and HTX (10%).

CommEX calculated the income of bitcoin exchanges working with Russians

There are about 6 million active cryptocurrency traders in Russia, and the average turnover of their operations is $8000 per month. This was stated by Anton Toroptsev, regional director of the CommEX exchange in Russia and the CIS, speaking at the Global Vision Summit in Moscow.

According to him, with an average commission in the range from 0.02% on the futures market to 0.1% on the spot and an average monthly "check" of $8000 per trader, the total revenues of crypto exchanges working with users from the Russian Federation can reach $25 million per month or about 30 billion rubles per year.

Evgenia Burova, marketing Director of the Garantex crypto exchange, disagreed with this assessment. According to her calculations, the monthly turnover of cryptocurrencies on the Russian market on exchanges with KYC/AML procedures is about 250 billion rubles.

Toroptsev predicted an increase in regulatory pressure on large centralized crypto exchanges and the fragmentation of the crypto market into regions.

"It is logical to assume that after Binance [American regulators will be interested in] other large sites. This is bad for end users, the market will shrink, and other smaller sites will appear somewhere, focused on certain regions," he said.

Some users may switch to DEX, but so far they represent a "raw product" incomprehensible to a mass audience, the regional head of CommEX added.

Recall that the Central Bank of the Russian Federation estimated the volume of bitcoin transactions in the second and third quarters of 2023 at the level of 1.68 trillion rubles.


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