Binance recommends P2P as Ukraine suspends hryvnia use on crypto exchanges

Ukraine has temporarily suspended the use of its national currency, the hryvnia, through bank cards to deposit and withdraw funds on cryptocurrency exchanges. While the move had an immediate impact on how investors move funds to and from exchanges, Binance reminded users of how P2P services can come in handy when trading cryptocurrencies.

Following the temporary suspension of the activities of the Central Bank of Ukraine, cryptocurrency exchanges such as Binance and Kuna issued official statements informing investors of minor inconveniences. Michael Chobanian, founder of local cryptocurrency exchange Kuna, acknowledged a service outage. However, he said he will explain the nuances of development at a later stage.

Kuna founder Mikhail Chobanyan recommends bitcoin as Ukraine stops using the hryvnia on crypto exchanges. Source: Telegram

Chobanian went on to point out that such regulatory decisions do not affect the Bitcoin (BTC) ecosystem and added that (rough translation):

“Regarding the hryvnia card and input / output for the exchange. Yes, it doesn’t work… We are looking for ways out of the situation, under the threat of stopping the entire Ukrainian crypto/card hryvnia market.”

Binance has also acknowledged the issue as regulators have suspended the use of the hryvnia on crypto exchanges. However, Binance had an alternative solution that it recommended (rough translation):

“We offer a P2P service so that you can continue to use Binance comfortably.”

The crypto exchange took the opportunity to inform users that peer-to-peer services allow users to exchange cryptocurrencies and fiat currencies directly with other users without the need for an intermediary such as banks.

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Ukraine’s stance against cryptocurrencies is shocking given that the country has received more than $70 million in crypto donations since the start of the Russian-Ukrainian conflict.

Cryptocurrencies were donated to Ukraine with wallets provided by the Ukrainian government. Source: Chain analysis

“If we used the traditional financial system, it would take days. […] We were able to ensure the purchase of vital goods using cryptocurrency in the shortest possible time, and what is surprising is that about 60% of suppliers were able to accept cryptocurrency, I did not expect this,” said Oleksiy Bornyakov, Deputy Minister of Digital Technologies of Ukraine. 24 February.

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