Cryptocurrency exchanges eye Russia for expansion despite sanctions

Sanctions imposed by governments as part of geopolitical struggles do not always filter through to under-regulated industries. Ambitious businesses covet every opportunity for expansion and diversification. In addition, according to a recent report, interest toward cryptocurrencies has remained relatively stable in spite of the bitcoin’s fall.

These seem to be among the reasons why a growing number of crypto exchanges are turning their attention to Russia and its diaspora, despite the disapprobation this risks drawing from US officials.

Illustrating this trend, last month,  Singapore-based cryptocurrency exchange Huobi officially launched its first branch in Russia in partnership with the state-owned Vnesheconombank (VEB).