Vladimir Smerkis, former head of Binance Russia, has been placed in provisional detention in Moscow, suspected of large-scale fraud.
The details of the investigation remain confidential, but the procedure was validated by a Russian court and is part of a major criminal case.
Blum, the trading application he co-founded after Binance, has immediately distanced itself, while the rest of the ecosystem remains silent.
Former Head of Binance Russia Placed in Detention
Vladimir Smerkis, former head of Binance for Russia and a well-known figure in the local crypto ecosystem, has been detained in Moscow. He is suspected of involvement in a large-scale fraud case, according to the TASS news agency. The exact details of the investigation remain confidential at this time.
An Influential Player in the Russian Web3 Space under Scrutiny
The Russian justice system, through the Zamoskvoretsky district court, approved the investigators’ request to place Smerkis in provisional detention. No details have been provided yet regarding the nature or amounts involved in the case. According to initial police sources reported by TASS, the case is part of a major criminal framework.
Smerkis is no stranger: working at Binance from 2022 to late 2023, he first oversaw Russian operations before expanding his scope to the CIS, a group of 11 former Soviet countries that coordinate their economic and legal policies.
Blum Distances Itself, Industry Stays Silent
In late 2023, he co-founded the trading application Blum, but has since distanced himself. In a statement released on Saturday on X, Blum confirmed that Smerkis no longer had any role within the team and was no longer affiliated with the project. He previously held the position of marketing director.
A Well-Established Resume, Now in Limbo
In addition to Blum, Vladimir Smerkis also co-founded several crypto initiatives, including Tokenbox.io and The Token Fund. His LinkedIn profile lists at least four projects where he served as a managing partner, making him one of the key figures in the Russian web3 scene.
The arrest comes at a time when Russia is sending mixed signals about its cryptocurrency policy, between blockchain experiments and judicial hardening. This case is likely to cast a lasting chill over the regional ambitions of the industry.
