Crypto exchange Binance will stop processing transactions in Ukrainian hryvnia by two payment platforms in late March. The move follows the earlier suspension of deposits and withdrawals by bank cards in Ukraine’s national currency.
Ukrainian users lose more Fiat options to trade on cryptocurrency exchange Binance
Binance, the world’s leading digital asset exchange by trading volume, announced Monday that Ukrainian hryvnia purchases through digital wallets Settlepay and Advcash will no longer be available starting on the 21st.
“Settlepay withdrawals are now open and you can withdraw Fiat currency to your wallet, withdrawal fees are 0%.” The platform noted in anoticeto Ukrainian users published on Telegram and Twitter.
Fiat deposits and withdrawals by bank cards and other payment services have been suspended throughout Ukraine, the exchange said. The measure is related to restrictions imposed by the National Bank of Ukraine, a representative of the bank explained in early March.
In addition to Binance, Ukraine’s leading crypto exchange, Kuna, has also acknowledged the suspension. The company’s founder, Michael Chobanian, commented that these could be related to the Kiev government’s efforts against money laundering and tax evasion through online gambling sites.
“This decision is related to the fight against illegal gambling businesses, which unfortunately 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 them into any asset at no commission. In addition, they offered to exchange crypto and fiat money directly with other Binance users using a peer-to-peer platform.
Cryptocurrencies have given many Ukrainians and their country a lifeline as the war with Russia continues. A recent blockchain intelligence report revealed that the invaded nation has raised more than $212 million in crypto donations to fund military and relief efforts, but will be affected by government-imposed hryvnia restrictions, according to Chobanian.
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