Binance joins expert center at Russian banks association: Crypto Moves

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Updated 20 February 2022
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Binance joins expert center at Russian banks association: Crypto Moves

  • Musk believes that dogecoin is the people’s crypto

RIYADH: Binance, the largest crypto exchange, has joined the Association of Russian Banks to share its regulatory expertise with financial institutions and government as they tailor their approach to oversight in the crypto space.

Binance is the first crypto platform to work within the banking industry organization, its representatives told the local media.

The Association of Russian Banks recently established a Center for Experts on Digital Financial Assets, tasked with studying the global practice of regulating their trading.

It will also serve as a platform for dialogue between experts in the field of cryptocurrencies and Russian federal authorities and legislators, RBC Crypto reported.

Binance’s Director for Eastern Europe, Gleb Kostarev, confirmed that the exchange has a solid track record of working with regulators around the world.

“I am sure that our developments, our expertise will be positively received by the Russian banking community,” Kostarev said.

While the Bank of Russia proposed a blanket ban on its trading, most other institutions have backed the Finance Ministry’s view that legalization is a better alternative.

After the federal government approved its concept, the treasury department is now drafting two laws for the Russian crypto economy, according to Bitcoin.com.

A report by Kommersant, a national daily newspaper, revealed earlier this month that some of the world’s largest crypto exchanges are ready to work in Russia under the proposed new rules, including a requirement to open a local office or register a Russian legal entity.

Daily trading

Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, falling by 4.17 percent to $38,287 at 2:29 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,626, down by 5.21 percent, according to data from Coindesk.

Adoption

Tesla and SpaceX CEO, Elon Musk, has revealed that Tesla’s upcoming futuristic diner and drive-in theater, planned in the Hollywood area, will accept dogecoin.

The electric car company, Tesla is currently accepting dogecoin for some merchandise on its website.

However, the price of dogecoin was not affected by this news.

At the time of Musk’s tweet, dogecoin was trading at $0.1417 based on data from Bitcoin.com.

Musk believes that dogecoin is the people’s crypto and previously revealed that many people he talked to at Tesla and SpaceX owned it.

Dogecoin is the best crypto for transactions while bitcoin is more suitable as a store of value, he said.


Trucks and vehicles crossing Saudi Arabia’s ports up 24% in 2025, reaching 4.7m

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Trucks and vehicles crossing Saudi Arabia’s ports up 24% in 2025, reaching 4.7m

RIYADH: The number of trucks and vehicles entering and exiting through Saudi customs ports jumped to 4.7 million in 2025, recording annual growth of 24 percent compared with 2024, according to the Zakat, Tax and Customs Authority in statements to Al Eqtisadiah. 

Specialists in the logistics services sector attributed the increase to transformation in the field, starting with raising the efficiency of ports, speeding up procedures, and adopting unified platforms to facilitate processes for importers and exporters. 

The authority reported that the total number of trucks and vehicles that crossed Saudi customs ports over the past three years exceeded 11.8 million trucks and vehicles, with an annual average of 4 million, of which 6.3 million were incoming vehicles and 5.5 million were outgoing. 

Five ports recorded the largest share of truck and vehicle traffic: Al Batha, Al Haditha, King Fahd Causeway, Al Khafji, and Salwa, which are all considered key arteries for interregional and regional trade movement. 

The authority indicated that customs ports completed procedures last year for 2.6 million trucks and vehicles arriving in Saudi Arabia, in addition to 2.1 million trucks and vehicles departing, reflecting the efficiency of procedures and the speed of completing customs operations. 

On the operational side, land, sea, and air ports completed procedures for 2.5 million containers and cleared 7 million customs declarations, alongside the authority’s expansion in developing procedures and programs that support the flow of goods. 

Chief among these was the launch of the updated version of the Saudi Authorized Economic Operator Program, with the participation of 14 government entities. 

The program contributed to increasing the number of registered establishments from 560 establishments in 2024 to 753 by the end of 2025, a growth rate of 34.5 percent, enhancing the reliability of supply chains and raising the efficiency of logistics operations in line with global best practices. 

Smart platforms and ports behind the growth 

Supply chain and operations management consultant Khaled Al-Zahrani explained that these positive indicators do not only reflect growth in traffic volume, but also expansion in the application of digital solutions and the linking of entities through unified platforms, which helped reduce operating costs for importers and exporters. 

Logistics specialist Nashmi Al-Harbi said that the efficiency of customs ports indicates the development of digital and operational infrastructure through faster procedures and building trust with trading partners, which reduces customs clearance time and enhances supply chain flexibility. 

In turn, Sami Al-Otaibi, a specialist in logistics services and customs clearance, explained that infrastructure projects and smart ports have begun to yield tangible results on the ground.