Kuna Crypto Exchange to Leave the Ukrainian Market Due to Regulatory Pressure

Cryptocurrency exchange Kuna will start operating in the European Union by the end of March. This was announced by the exchange’s founder Mikhail Chobanyan.

According to him, «the policy of financial prohibitions of the National Bank of Ukraine (NBU) has completely killed the cryptocurrency market in Ukraine as such.» At the same time, Chobanyan sees no obstacles to Kuna’s operation from European regulators.

«Europe is a civilized country with civilized rules, where everything works. Thanks to a kick from Ukraine, we are going there in the coming weeks. We will work with euros, zlotys, and so on. But not with the hryvnia. Nothing is changing for crypto, we are working as usual. We have obtained licenses long ago, and we will launch euros by the end of the month,» said Chobanyan.

The founder of Kuna clarified that the National Bank of Ukraine will not restrict the financial activity of Ukrainians in the eurozone. «The NBU’s jurisdiction ends with the borders of Ukraine,» Chobanyan said.

In early March, the National Bank banned banks from withdrawing funds from crypto exchanges. At the same time, exchanges announced the temporary suspension of transactions with hryvnia bank cards. In particular, Binance did this.

Last year, at the end of April, the NBU restricted cryptocurrency purchases to UAH 100,000 per person per month. The goal is to reduce the outflow of capital from Ukraine.