Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers

Cryptocurrency exchange Binance will stop processing Ukrainian hryvnia transactions through two payment platforms at the end of March. This step follows the previously suspended deposit and withdrawal of funds using bank cards in the national currency of Ukraine.

Ukrainian users are losing more fiat options to trade on the Binance cryptocurrency exchange

The world’s leading digital asset exchange by trading volume, Binance, said on Monday that purchases of Ukrainian hryvnia through Settlepay and Advcash digital wallets will be unavailable starting March 21.

“Withdrawals from Settlepay are currently open and you can withdraw fiat currency to your wallet, the withdrawal fee is 0%,” the platform says. announcement to its Ukrainian users published on Telegram and Twitter.

Fiat deposits and withdrawals through bank cards and other payment services have been suspended throughout Ukraine, the exchange recalled. The measures are related to restrictions imposed by the National Bank of Ukraine, its representatives explained earlier in March.

In addition to Binance, the leading Ukrainian crypto exchange Kuna also acknowledged the outage. Its founder Mikhail Chobanyan commented that this could be due to the Kyiv government’s efforts to combat money laundering and tax evasion through online gambling sites.

“This decision is related to the fight against illegal gambling and, unfortunately, also affected cryptocurrency exchanges,” Binance confirmed in its latest statement.

The global crypto company also told Ukrainian traders that they can sell hryvnia in spot pairs or convert it into any asset without commission. In addition, it was suggested to use its peer-to-peer platform to exchange crypto and fiat money directly with other Binance users.

Cryptocurrencies have become a lifeline for many Ukrainians and their country in the ongoing war with Russia. A recent blockchain intelligence report revealed that the invaded country has raised more than $212 million to fund its military and humanitarian efforts through cryptocurrency donations, which Chobanian says will be impacted by government-imposed hryvnia restrictions.

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

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