Sberbank to Build Cryptocurrency Trading Infrastructure by December

Russia's largest bank, Sberbank, plans to establish cryptocurrency trading infrastructure by December 1. This marks the beginning of the bank's active participation in the trend of integrating digital assets into the regulated financial system. Sberbank will set up infrastructure that includes digital custody and settlement functions, and will also operate a digital depository to record customers' cryptocurrency rights. The bank's Deputy Chairman mentioned the digital depository as a key element and stated that they plan to support the transfer of active wallets. Recently, the Russian parliament took a step further in institutionalizing the related market by finalizing a bill regulating digital asset activities. In the exchange industry, BitMart announced that it will end trading services on August 26 and completely cease operations by January 31, 2027. New registrations and deposits have been halted, and futures trading has switched to a reduce-only mode. In contrast, Binance is strengthening its response to hacking threats and conducts fake phishing attacks on its employees every month. Binance has 323 million registered users, with assets held according to DeFiLlama amounting to $137.7 billion. The focus of the cryptocurrency market is shifting from growth to management.

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