From January to June 2020, the monthly deposit volume by Russians on the cryptocurrency exchange CEX.IO rose fivefold. CEX.IO supports transfers from Russian banks and plans to add new payment methods for traders from Russia.
Analysts at the exchange note that the share of the ruble in CEX.IO’s trading turnover is growing. From August 3 to August 9, the BTC/RUB pair accounted for the third place in daily turnover on CEX.IO, after the BTC/USD and ETH/USD pairs.
“Users use cryptocurrencies as an alternative to traditional financial instruments during times of economic turmoil. They allow traders to diversify assets and achieve higher returns than in a bank or on the stock market,” said Dmitry Volkov, CTO of CEX.IO.
CEX.IO is a crypto exchange with headquarters in the United Kingdom and the United States, and representations in Ukraine, Gibraltar and Cyprus. CEX.IO ranks among the top ten exchanges according to CryptoCompare, and is also listed among trusted exchanges by Coin Metrics.
In August 2020, CEX.IO was selected among 12 companies to participate in the “regulatory sandbox” Digital Currency Innovation Lab in Hawaii.
The exchange supports four fiat currencies: the US dollar, the euro, the pound sterling and the Russian ruble.
Users of CEX.IO can top up deposits and withdraw funds via transfers from Russian banks, via instant card payments and electronic transfers. Currently, traders have access to bank transfers in dollars and euros; in the near future CEX.IO will add support for transfers in rubles.
“For development in the Russian market, it’s not enough to accept payments in rubles — you must understand the audience’s needs and regulatory nuances. We listen to user feedback and add services our clients request. We have a Russian-language Telegram channel, and half of our support staff know Russian. In addition, clients value the legal integrity of the trading venue, which we ensure with KYC procedures,” said Dmitry Volkov, CTO of the crypto exchange.
CEX.IO has a mobile app with its own KYC system. Users have access to several verification levels, which enable increasing limits and adding transfer methods. According to representatives, completing the KYC procedure takes a couple of minutes.
As previously reported, CEX.IO added the ability to stake Cosmos (ATOM) and Tezos (XTZ) tokens.
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