Binance Has Stopped Accepting Hryvnia Bank Cards For Cryptos Trading

Key Points:

• Binance and other major cryptocurrency exchanges in Ukraine have temporarily ceased accepting hryvnia bank cards.
• Ukrainians are unable to trade digital assets using national currency cards.

Binance and Kuna, two cryptocurrency exchanges, have suspended card transactions in Ukrainian hryvnia.

Leading crypto exchanges (including Binance) in Ukraine have temporarily ceased accepting hryvnia bank cards. The prohibition originates from limits enforced by the country’s central bank, according to Binance and Kuna in remarks to crypto media. Binance, the world’s largest crypto exchange, and Kuna, a significant Ukrainian exchange, have announced temporary bans of operations in Ukrainian hryvnia. Both trading platforms verified that such transactions were problematic.

The National Bank of Ukraine (NBU) set limits on the processing of deposits and withdrawals in the national currency, according to Binance officials, according to the crypto news site Forklog. The exchange has recommended that traders use its peer-to-peer marketplace. “Today, fiat channels, primarily input and withdrawal through bank card and other payment services, are temporarily banned among cryptocurrency exchanges throughout Ukraine,” the trading site reports. “Regarding the hryvnia card and exchange input/output. Indeed, it does not work… In a nutshell, we’re exploring for solutions out of this issue, which threatens to shut down the whole Ukrainian crypto/card UAH industry,” Kuna founder Michael Chobanian explained.

On Friday, Chobanian speculated that the issues with non-cash hryvnia transactions may be tied to Ukrainian authorities’ efforts to combat money laundering and tax fraud through online gaming sites. The NBU prohibited P2P and A2C transactions for financial organizations, and because all crypto exchanges use them, everything is gone for them. It is reported that the limitations will harm Ukraine’s status as a pioneer in crypto adoption in the region and abroad. He believes the scenario will also have an impact on the activities of small and medium-sized businesses, as well as bitcoin donations.

The National Bank of Ukraine placed a monthly restriction of 100,000 hryvnia per individual on cryptocurrency purchases at the end of April ($3,400 at the time, roughly $2,700 currently). The central bank has yet to comment on the implications of its limits for the country’s cryptocurrency industry.

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