20 days ago 1 min read

Binance No Longer Accepts Hryvnia Bank Cards


Card transactions in Ukrainian hryvnia have been blocked by two cryptocurrency exchanges, Binance and Kuna.

Major cryptocurrency exchanges in Ukraine have temporarily stopped taking hryvnia bank cards, including Binance. The ban is a result of restrictions put in place by the nation's central bank. The biggest cryptocurrency exchange in the world, Binance, and a key Ukrainian exchange, Kuna, have both announced temporary halts to their operations in Ukrainian hryvnia. Such trades were confirmed to be troublesome by both trading platforms.

The National Bank of Ukraine (NBU) put restrictions on the processing of deposits and withdrawals in the local currency, Forklog, a cryptocurrency news website, reported. Trading on the exchange's peer-to-peer marketplace is advised. Input and withdrawal of fiat currency by bank cards and other payment methods are now prohibited at all cryptocurrency exchanges in Ukraine, according to the trading platform. About the hryvnia card and input/output exchange. In short, we're looking for answers to this problem, which threatens to bring down the entire Ukrainian crypto/card UAH business, said Michael Chobanian, the founder of Kuna.

Chobanian conjectured on Friday that the difficulties with non-cash hryvnia transactions might be connected to the efforts made by the Ukrainian government to thwart money laundering and tax evasion through online gaming portals. As all cryptocurrency exchanges use P2P and A2C transactions, which the NBU forbade for financial companies, everything is lost for them. The restrictions will diminish Ukraine's reputation as a regional and international leader in the use of cryptocurrencies. He thinks the circumstance will affect bitcoin donations as well as the operations of small and medium-sized businesses.

Towards the end of April, the National Bank of Ukraine imposed a monthly cap on cryptocurrency purchases of 100,000 hryvnia ($3,400 at the time, or around $2,700 today) per person. On how its restrictions may affect the nation's cryptocurrency market, the central bank has not yet made any comments.

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