Skip to main content

Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers

Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers

Crypto exchange Binance will stop processing transactions with Ukrainian hryvnia through two payment platforms later in March. The move follows an earlier suspension of deposits and withdrawals using bank cards in the national currency of Ukraine.

Ukrainian Users Lose More Fiat Options to Trade on Cryptocurrency Exchange Binance

The world’s leading digital asset exchange in terms of trading volume, Binance, said on Monday that Ukrainian hryvnia purchases through the digital wallets Settlepay and Advcash will be unavailable, starting from March 21.

“Settlepay withdrawals are currently open and you can withdraw fiat currency to your wallet, the withdrawal fee is 0%,” the platform noted in an announcement to its Ukrainian users published on Telegram and Twitter.

Fiat deposits and withdrawals via bank cards and other payment services have been suspended throughout Ukraine, the exchange reminded. The measures are related to restrictions imposed by the National Bank of Ukraine, its representatives explained earlier in March.

Besides Binance, a leading Ukrainian crypto exchange, Kuna, also acknowledged the interruptions. Its founder Michael Chobanian commented that these could be linked to efforts by the government in Kyiv against money laundering and tax evasion through online gambling sites.

“This decision is related to the fight against the illegal gambling business, and unfortunately, it 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 it to any asset free of commission. It further suggested that they use its peer-to-peer platform to exchange crypto and fiat money directly with other Binance users.

Cryptocurrencies have provided a lifeline for many Ukrainians and their country amid an ongoing war with Russia. A recent blockchain intelligence report revealed that the invaded nation has raised over $212 million to fund its military and relief efforts through crypto donations which, according to Chobanian, will be affected by the government-imposed Hryvnia restrictions.

Do you think the restrictions on Hryvnia transactions on crypto exchanges will be lifted soon? Tell us in the comments section below.



from Bitcoin News https://ift.tt/vd8iqa4
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more