Research firm Kaiko has reported that the volume of transactions in Russian rubles on the cryptocurrency exchange Binance has dropped nearly sixfold.
According to the company, in 2021, the average monthly trading volume in ruble pairs reached $507 million. In 2023, this figure dropped to $85 million. During the same period, the volume of transactions in Ukrainian hryvnias decreased even further, practically approaching zero.
The published graph illustrates that the trading volume in ruble pairs sharply increased to $800 million after the start of the military special operation in Ukraine. However, the volume of transactions then dropped sharply to $200 million, most likely due to the introduction of a limit for Russians on the maximum allowable balance of €10,000. In April 2023, the company lifted this restriction but did not announce it publicly
