Thursday, 16 March 2023

Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers

by Berkeley Lovelace

Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers

Crypto exchange Binance will stop processing transactions with Ukrainian hryvnia through two payment platforms later in March. The move follows an earlier suspension of deposits and withdrawals using bank cards in the national currency of Ukraine.

Ukrainian Users Lose 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 Ukrainian hryvnia purchases through the digital wallets Settlepay and Advcash will be unavailable, starting 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 throughout Ukraine, the exchange reminded. The measures are related to restrictions imposed by the National Bank of Ukraine, its representatives explained earlier in March.

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

“This decision is related to the fight against the illegal gambling business, and unfortunately, it 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 to any asset free of commission. It further suggested that they use its peer-to-peer platform to exchange crypto and fiat money directly with other Binance users.

Cryptocurrencies have provided a lifeline for many Ukrainians and their country amid an ongoing war with Russia. A recent blockchain intelligence report revealed that the invaded nation has raised over $212 million to fund its military and relief efforts through crypto donations which, according to Chobanian, will be affected by the government-imposed Hryvnia restrictions.

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