Binance recommendations for Ukraine after Stopping use of hryvnia in crypto market
2023.03.05 13:06
Binance recommendations for Ukraine after Stopping use of hryvnia in crypto market
By Ray Johnson
Budrigannews.com – The use of the hryvnia, Ukraine’s national currency, on banking cards for fiat deposits and withdrawals on cryptocurrency exchanges was temporarily suspended. Even though the change had an immediate effect on how investors moved money to and from exchanges, Binance reminded users that trading cryptocurrencies makes use of peer-to-peer (P2P) services.
Following the brief suspension from Ukraine’s national bank, crypto trades like Binance and Kuna made official declarations illuminating financial backers about the burden. The disruption of service was acknowledged by Kuna’s founder, Michael Chobanian. However, he promised to elaborate on the specifics of the development later.
Chobanian went on to say that these kinds of regulatory decisions have no effect on the Bitcoin (BTC) ecosystem:
Regarding the exchange’s input and output as well as the hryvnia card. We are looking for ways out of the situation, under the threat of stopping the entire Ukrainian crypto/card UAH market, and the answer is yes, it doesn’t work.
Regulators halted the use of hryvnia on crypto exchanges in recognition of the issue that Binance was experiencing. However, Binance offered a different option:
“We suggest using the P2P service so that you can continue to use Binance comfortably.”
The occasion was used by the cryptocurrency exchange to inform users that P2P services enable users to exchange crypto and fiat currencies directly with other users without the need for a middleman like banks.
Given that the country has received over $70 million in cryptocurrency donations since the beginning of the Russian-Ukrainian conflict, Ukraine’s anti-cryptostance is surprising.
On February 24, Ukrainian deputy digital minister Alex Bornyakov stated, “If we used the traditional financial system, it was going to take days […] We were able to secure the purchase of essential items in no time at all via crypto,” adding, “What is amazing is that approximately 60% of suppliers were able to accept crypto, I didn’t expect this.”
