Crypto exchange Binance will stop processing Ukrainian hryvnia transactions through two payment platforms at the end of March. The move follows an earlier suspension of deposits and withdrawals via bank cards in the national currency of Ukraine.
Ukrainian users lose more fiat options to trade on Binance cryptocurrency exchange
The world’s leading digital asset exchange in terms of trading volume, Binance, said on Monday that purchases of Ukrainian hryvnia through digital wallets Settlepay and Advcash will not be available from March 21.
“Settlepay withdrawals are currently open and you can withdraw fiat currency to your wallet, the withdrawal fee is 0%,” the platform noted in a statement. advertisement to its Ukrainian users posted on Telegram and Twitter.
Fiat deposits and withdrawals through bank cards and other payment services have been suspended throughout Ukraine, the exchange recalled. The measures are related to the restrictions imposed by the National Bank of Ukraine, its representatives explained in early March.
Apart from Binance, Kuna, a major Ukrainian crypto exchange, also acknowledged the outages. Its founder, Michael Chobanian, commented that these could be related to the Kiev government’s efforts against money laundering and tax evasion through online gambling sites.
“This decision is related to the fight against the illegal gambling business and unfortunately also affected cryptocurrency exchanges,” Binance confirmed in its latest statement.
The global crypto company also informed Ukrainian traders that they can sell hryvnia in spot pairs or convert it into any asset without commission. Furthermore, he suggested that they use their peer-to-peer platform to trade cryptocurrency and fiat directly with other Binance users.
Cryptocurrencies have provided a lifeline for many Ukrainians and their country in the midst of an ongoing war with Russia. A recent blockchain intelligence report revealed that the invaded nation has raised more than $212 million to fund its military and relief efforts through crypto donations that Chobanian says will be affected by government-imposed hryvnia restrictions.
Do you think that the restrictions on hryvnia transactions on crypto exchanges will be lifted soon? Tell us in the comment section below.
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