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28 Feb 2022
Ukrainians and Russians are buying crypto as never before
Activity on Binance suggests that both Ukrainians and Russians seek crypto as a safe haven for their savings as war ravages and capital controls intensify.
On February 28th, we saw a massive volume increase in the ruble pairs on Binance, particularly in USDT, as the USDTRUB volume reached a new all-time high of $35 million. The bitcoin volume also saw a substantial rise.Source: Tradingview (Binance)These volume increases could indicate that Russians seek stablecoins to get dollar exposure ahead of possible sanctions directed towards Russian crypto traders. However, the rising volumes could also be caused by market makers seeking to eliminate their ruble exposure.Ukrainians are also seeking crypto exposure in these uncertain times, as both the USDTUAH and BTCUAH pairs on Binance see enormous increases in trading volume.Source: Tradingview (Binance)Source: Tradingview (Binance)Many Ukrainians worry that the banking system in the country may collapse and are seeking to crypto as a safe haven for their savings. In addition, by exchanging their liquid assets for crypto, Ukrainians can escape the country and bring some of their wealth with them, just like described by this Ukrainian refugee in Bitcoin Magazine.