ICYMI: Ruble trading pair volumes surge on Binance after Russia’s invasion of Ukraine
Market observers who spoke with The Block pointed to signs that crypto is serving as somewhat of an escape hatch, though the full extent of this activity remains uncertain.
"There is evidence of increased BTC demand," said Michael Safai, a partner at Dexterity Capital, who added: "BTC is outperforming ETH atm, and BTC dominance is at a high, which aligns with the proposition that there is increased demand for capital flight." Elsewhere, Konstantin Shulga, co-founder of Finery Markets, told The Block that"we don't deal with any Russian counterparties, but i assume the demand is quite big."As noted by The Block Research's Larry Cermak, Binance is using two payment providers — Simplex and Mercuryo — for ruble onboarding. If those relationships are disrupted, then Russians could only trade with other fiat currencies or trade crypto-to-crypto pairs.
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