Banking card used for deposits and withdrawals in hryvnia on cryptocurrency exchanges has been temporarily restricted in Ukraine. While the shift instantly affected how investors transferred money to and from exchanges, Binance reminded users of the value of peer-to-peer (P2P) services for cryptocurrency trading.
Crypto exchanges like Binance and Kuna made official releases notifying investors about the inconvenience following the temporary suspension by the central bank of Ukraine. The founder of the nearby cryptocurrency exchange Kuna, Michael Chobanian, acknowledged the service interruption. Nonetheless, he stated that he would elaborate on the intricacies of the progress at a later time.
Chobanian further commented that regulatory decisions do not affect the Bitcoin ecosystem. He also noted that the hryvnia card and input/output to the exchange are not functioning properly. They are seeking ways to address the situation as the entire Ukrainian crypto/card UAH market is at risk of being halted.
Binance offered an alternative solution as the use of hryvnia on crypto exchanges was suspended by regulators. Binance acknowledged the problem and recommended using its P2P service as a comfortable alternative.
The opportunity was used by the cryptocurrency exchange to tell customers of P2P services, which let users trade crypto and fiat currencies directly with one another instead of going through a middleman like a bank.
The country has received almost $70 million in cryptocurrency donations since the commencement of the Russian-Ukrainian conflict. Thus, Ukraine’s anti-crypto position seems odd.
On February 24th, Ukrainian deputy digital minister Alex Bornyakov expressed his surprise at the speed and efficiency of purchasing vital items through crypto, stating that traditional financial systems would have taken days to process. He added that around 60% of suppliers could accept cryptocurrency as payment.