Both exchanges validated the existence of the issues related to such trades.

The limits imposed by the central bank towards the end of December had gotten stricter.

Binance, the biggest cryptocurrency exchange in the world, and Kuna, one of the largest in Ukraine, have both announced temporary bans of activities using bank cards denominated in Ukrainian hryvnia. Both exchanges validated the existence of the issues related to such trades.

The trading platform stated in a Telegram post on Thursday:

“Currently, fiat channels, namely input and withdrawal through a bank card and other payment services, are temporarily suspended among cryptocurrency exchanges throughout Ukraine.”

Kuna founder Michael Chobanian said in his Telegram channel:

“Regarding the hryvnia card and input/output to the exchange. Yes, it doesn’t work … In brief, we are looking for ways out of the situation, under the threat of stopping the entire Ukrainian crypto/card UAH market.”

Strict Limitations by Central Bank

Binance executives informed Forklog that limitations enforced by the National Bank of Ukraine (NBU) are to blame for the slow processing of national currency deposits and withdrawals. The exchange has suggested that investors utilize the P2P marketplace.

Chobanian said on Friday that the steps conducted by Ukrainian authorities against money laundering and tax fraud through online gaming sites may be connected to the challenges with non-cash hryvnia transactions.

One Ukrainian legislator recently estimated that this sort of yearly turnover totals 54 billion hryvnia (nearly $1.5 billion). This linkage was subsequently established by the deputy, Oleksiy Zhmerenetsky.

Chobanian said that problems with depositing and withdrawing hryvnia on crypto exchanges first arose in September of last year, and that the limits imposed by the central bank towards the end of December had gotten stricter.

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Filed under: Bitcoin - @ March 5, 2023 11:49 am