Well-known cryptocurrency exchanges suspend operations with the Ukrainian hryvnia

Cryptocurrency exchanges have announced a temporary suspension of operations with hryvnia bank cards. In particular, Binance announced the suspension of the service.

«Dear users! At the moment, fiat channels, namely the deposit and withdrawal of [коштів] via bank card and other payment services, are temporarily suspended among cryptocurrency exchanges throughout Ukraine,» the crypto exchange said in a statement. Binance representatives noted that this happened amid restrictions imposed by the National Bank of Ukraine. The crypto exchange recommended that users conduct transactions through a P2P service.

The founder of the Ukrainian cryptocurrency exchange Kuna, Mykhailo Chobanyan, also confirmed the problems. «Regarding the hryvnia card and the input/output of [коштів] on the exchange, yes, it does not work. It doesn’t work for everyone. There are many nuances that I will try to talk about later. In short, we are looking for ways out of the situation, as the entire Ukrainian crypto market is under threat,» Chobanyan wrote on his telegram channel

The National Bank of Ukraine has not yet commented on the situation.

It is worth noting that since March 16, 2022, PrivatBank has temporarily banned its Ukrainian clients from depositing hryvnia on cryptocurrency exchanges. This restriction is also related to the NBU’s decision and is valid for the entire period of martial law. At the same time, monobank reported that their cross-border payment service also faced problems. However, «there should be no difficulties with hryvnia transactions within Ukraine.»

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.