• Binance announced that it will cease processing transactions with Ukrainian hryvnia through two payment platforms at the end of March.
• This follows an earlier suspension of deposits and withdrawals using bank cards in the national currency of Ukraine.
• Cryptocurrencies have become a lifeline for many Ukrainians, providing funds for military and relief efforts.
Binance Suspends Transactions with Ukrainian Hryvnia
Crypto exchange Binance has announced that it will stop processing transactions with Ukrainian hryvnia through two payment platforms by the end of March. The move follows an earlier suspension of deposits and withdrawals using bank cards in the national currency of Ukraine.
Reason for Suspension
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.
Impact on Crypto Donations
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.
Options Available to Users
Binance 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.
Conclusion
The suspension of transactions with Ukrainian hryvnia is part of a larger effort by the government in Kyiv against money laundering and tax evasion through online gambling sites. Despite this measure impacting crypto donations from Ukrainians, there are still options available on Binance’s platform for trading cryptos without having to use fiat currencies such as hryvnia or bank cards.