• Ukraine banned crypto transactions via bank cards to prevent its national currency, the hryvnia, from being used on crypto exchanges.
• Binance suggested using peer-to-peer (P2P) trading solutions as an alternative option.
• The exchange’s founder noted in a statement that restrictions on non-cash hryvnia transactions appear as part of the regulatory’s ongoing efforts to tackle money laundering and tax evasion activities being conducted through online gambling websites.
The Ban on Crypto Transactions in Ukraine
The Central Bank of Ukraine has recently imposed a ban on crypto transactions via bank cards to prevent its national currency, the hryvnia, from being used on crypto exchanges. As a result, leading exchanges such as Binance and Kuna have confirmed the suspension of crypto transactions via bank cards in Ukrainian hryvnia.
Alternative Solutions for Ukrainian Residents
In order for Ukrainian residents to withdraw from or move funds to another exchange, Binance has suggested its community use peer-to-peer (P2P) trading solutions as an alternative option. This way, investors can continue their trading seamlessly without any third-party counter like banks.
Regulation Tackling Money Laundering & Tax Evasion
The founder of Kuna exchange, Michael Chobanian explained that such actions were taken by the regulatory authority in order to tackle money laundering and tax evasion activities being conducted through online gambling websites. Furthermore, it was estimated that illegal gambling channels launder 54 billion Hyrvnias annually in Ukraine.
BNB Price Analysis
At the time of writing this article, BNB’s price currently hovers at $285.9 in the daily chart according to TradingView data source.
Conclusion
Although some regulations can be inconvenient for cryptocurrency traders within Ukraine at times due to anti money laundering laws and other requirements enforced by government agencies; however these are necessary steps which must be taken in order for them to combat illegal activities within their jurisdiction and provide a safe environment for legitimate traders and investors alike.