JAKARTA - Global digital asset exchange, Binance, took a surprising step by stopping processing transactions with Ukraine's national currency, hryvnia, through two payment platforms in March. This step was taken following the previous suspension of deposits and withdrawals using bank cards in Ukraine's national currency.
This has had a significant impact on users in Ukraine who are now missing some of the options for trading with their fiat on the world's largest crypto exchange. The move is driven by restrictions imposed by Ukraine's National Bank to fight the illegal gambling business, leading to the government's action to limit crypto trading in the country.
Binance announced that purchases of Ukraine's hryvnia through the digital wallets Settlepay and Advcash will not be available starting March 21. In addition to purchases with Settlepay and Advcash, deposits and fiat withdrawals via bank cards and other payment services have also been suspended across Ukraine.
Although Settlepay's current withdrawal is open, users will not be able to buy Ukrainian hryvnia easily to trade on Binance. The platform informs Ukrainian traders that they can sell hryvnia in spot pairs or convert it into any asset without commission.
However, Binance advises users to use peer-to-peer platforms to exchange crypto and fiat money directly with other Binance users.
Meanwhile, Kuna, Ukraine's leading crypto exchange, also acknowledged any disturbances related to restrictions imposed by the Ukrainian government. Michael Chobanian, founder of Kuna, stated that this could be linked to the government's efforts in Kyiv to fight money laundering and tax evasion through online gambling sites.
Global crypto company Binance also confirmed that this decision is related to the fight against illegal gambling businesses, and unfortunately, it also affects cryptocurrency exchanges. Cryptocurrencies have become an alternative for many Ukrainians in difficult situations due to the ongoing war with Russia.
Efforts imposed by the Ukrainian government can limit access to crypto for citizens who want to support military efforts and deliver aid. Nonetheless, users can still exchange cryptocurrencies and fiat money through peer-to-peer platforms on Binance.
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