Crypto News

Binance Restricts Ukrainian Hryvnia Operation Through 2 Payment Providers – Exchanges

Crypto exchange Binance will stop processing Ukrainian hryvnia transactions across two payment platforms later in March. The move follows an earlier suspension of deposits and withdrawals using bank cards in Ukraine’s local currency.

Ukrainian users are losing more fiat options to trade on cryptocurrency exchange Binance

The world’s leading digital asset exchange in terms of trading volume, Binance, said on Monday that purchases in Ukrainian hryvnia via digital wallets Settlepay and Advcash will no longer 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 an announcement to its Ukrainian users, published on Telegram and Twitter.

Fiat deposits and withdrawals via bank cards and other payment services have been suspended across Ukraine, the exchange reminded. The measures are related to restrictions imposed by the National Bank of Ukraine, its officials said in early March.

Alongside Binance, Kuna, a leading Ukrainian crypto exchange, also acknowledged the disruptions. Its founder, Michael Chobanian, commented that these could be linked to Kiev government efforts against money laundering and tax evasion by online gambling sites.

“This decision is related to the fight against illegal gambling business and, unfortunately, also affected the exchange of cryptocurrencies‘ Binance confirmed in its recent statement.

The global crypto company also informed Ukrainian traders that they can sell hryvnia in spot pairs or convert them to any asset without commission. It further suggested that they use their peer-to-peer platform to exchange crypto and fiat money directly with other Binance users.

Cryptocurrencies have offered a lifeline to many Ukrainians and their country amid an ongoing war with Russia. A recently released one Blockchain-Intelligence report revealed that the invaded nation has raised over $212 million to fund its military and relief efforts through crypto donations, which Chobanian says will be affected by government-imposed hryvnia restrictions.

Do you think that restrictions on hryvnia transactions on crypto exchanges will be lifted soon? Tell us in the comment section below.

Binance Restricts Ukrainian Hryvnia Operation Through 2 Payment Providers – Exchanges, Crypto Trading News

Lubomir Tasev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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