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Ukraine has temporarily suspended the use of the national currency hryvnia via bank cards for fiat deposits and withdrawals on cryptocurrency exchanges. While the move has had an immediate impact on the way investors transfer funds to and from exchanges, Binance has shown how convenient peer-to-peer (P2P) services can be when trading cryptocurrencies. Reminded the user.
Following the temporary suspension of trading by the Central Bank of Ukraine, cryptocurrency exchanges such as Binance and Kuna have made official announcements informing investors of the inconvenience. Michael Chovanian, founder of local cryptocurrency exchange Kuna, confirmed the service interruption.but he He said that the nuances of development will be explained later.
Chovanian further noted that such regulatory decisions would not affect the Bitcoin (BTC) ecosystem, adding:
“About the hryvnia card and the input and output to the exchange. Yes, it will not work … we are looking for a way out of the situation under the threat of stopping the entire Ukrainian cryptocurrency / card UAH market [translation]”
Binance acknowledged the issue after regulators stopped using hryvnia on cryptocurrency exchanges. But Binance had another solution.
“To continue using Binance comfortably, we recommend using the P2P service.”
Cryptocurrency exchanges have taken this opportunity to let users know that P2P services allow users to exchange cryptocurrencies and fiat currencies directly with other users without the need for intermediaries like banks.
Related: Binance ‘not planning layoffs’, plans to fill 500 roles in 1H
Ukraine’s anti-crypto stance is shocking given that Ukraine has donated over $70 million in cryptocurrencies since the start of the Russian-Ukrainian conflict.
“Using the traditional financial system, it would take days. […] I was able to quickly secure the purchase of an important item with virtual currency. Surprisingly, about 60% of suppliers were able to accept cryptocurrencies. This was unexpected. 24 February.
