Cryptocurrency exchange Binance suspends operations with hryvnia and British pound

Following the recent announcement by crypto exchange Binance that it will stop operations with hryvnia cards, the platform is going to restrict transactions with hryvnia through Settlepay and Advcash payment services. The changes will take effect on March 21.

As for crypto payments, the withdrawal of hryvnia through the Settlepay platform will remain unchanged.

Dear users,

Buying hryvnia using Settlepay wallet and Advcash wallet will be unavailable from 03/21/2023 02:00 (Kyiv time).
please note
Currently, withdrawals via Settlepay are open and you can withdraw fiat currency to your wallet.

➡️Детальнішеhttps://t.co/CMrkVNgtdH pic.twitter.com/fd7R776ubH

— Binance Ukraine (@BinanceUkraine) March 13, 2023

«Due to the recent restrictions, fiat channels, namely deposits and withdrawals via bank card and other payment services, have been suspended throughout Ukraine. This decision is related to the fight against illegal gambling, and unfortunately, it also affected cryptocurrency exchanges,» Binance’s Ukrainian representative office wrote on its Telegram channel.

The exchange team advised customers to conduct transactions through the internal P2P service.

Binance has also suspended deposits and withdrawals in pounds sterling for new users since yesterday, March 13. For other customers, the ban will take effect on May 22.

«We have concluded that the UK’s cryptocurrency regulatory framework is too complex to offer such a service. Therefore, this is a reasonable decision on our part, made out of serious concerns,» said a representative of Binance’s financial partner Paysafe.

The crypto exchange itself has estimated that the decisions will affect less than 1% of users. The Paysafe representative assured that the company will continue to cooperate with Binance in Europe and Latin America.

Last week, the crypto exchange Binance banned Russians from buying and selling foreign currency through the P2P service. The company explained its actions by the introduction of the tenth package of EU sanctions against the terrorist state. In addition, the exchange does not allow EU citizens to buy and sell Russian rubles via P2P.