After being temporarily blocked by the national bank of Ukraine, Binance and Kuna both released statements disclosing the trouble to their investors.


Ukraine recently stopped allowing the hryvnia to be used on banking cards to put money in and take money out of cryptocurrency exchanges. This caused an instantaneous change in the way that investors are able to transfer funds. Binance pointed out the usefulness of peer-to-peer (P2P) services as a feasible option for trading cryptocurrencies.


Binance and Kuna, two crypto exchanges in Ukraine, recently informed their investors that operations had been suspended temporarily due to an announcement from the country's central bank. Michael Chobanian, the founder of Kuna, accepted that there had been disruptions but said that he would provide details of the development at a later point.


Chobanian further highlighted that regulatory decisions have no effect on Bitcoin and that they are actively seeking solutions to keep the Ukrainian crypto/card UAH market alive, despite the threat of it ceasing to exist.


Binance recognized the issue brought on by regulators suspending the use of hryvnia on cryptocurrency exchanges and proposed an alternative solution of using the P2P service in order to allow customers to continue using the platform.


The crypto exchange took advantage of the occasion to explain to users how P2P services permit them to exchange crypto and regular money directly with each other without relying on a third-party such as banks.


The surprising opposition to cryptocurrency from Ukraine is unexpected given that the nation has acquired more than $70 million in cryptocurrencies as donations since the beginning of the Russian-Ukrainian clash.


Alex Bornyakov, the Ukrainian deputy digital minister, explained on February 24th how the transaction of important goods could be completed much quicker utilizing crypto than it would through the conventional financial system. He went on to elaborate that around 60% of providers accepted crypto, which was a surprise to Bornyakov.



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