CommEX told how much crypto exchanges earn from Russians

There are about 6 million active cryptocurrency traders in the Russian Federation, and the average turnover of their transactions is $8,000 per month. This was stated by the regional director of the CommEX exchange in the Russian Federation and the CIS, Anton Toroptsev, speaking at the Global Vision Summit in Moscow.

According to him, with an average commission ranging from 0.02% on the futures market to 0.1% on the spot and average monthly “check” in the amount of $8,000 per trader, the total income of crypto exchanges working with users from the Russian Federation can reach $25 million per month or about 30 billion rubles per year.

Evgenia Burova, marketing director of the Garantex crypto exchange, did not agree with this assessment. According to her calculations, the monthly turnover of cryptocurrencies on the Russian market on exchanges with KYC/AML-procedures amount to about 250 billion rubles.

Toroptsev predicted an increase in regulatory pressure on large centralized crypto exchanges and fragmentation of the crypto market into regions.

Some users may switch to DEX, but for now they represent a “raw product” that is incomprehensible to the mass audience, added the regional head of CommEX.

The Central Bank of the Russian Federation estimated the volume of Bitcoin transactions in the second and third quarters of 2023 at 1.68 trillion rubles.

In January 2024, Russian users became the leaders in the number of visits to the Bybit cryptocurrency exchange – they accounted for 23% of the traffic. Also, the activity of Russians was noted on the platforms MEXC (19% of total traffic), Bitget (11%) and HTX (10%).