Binance Closes Doors to Ukrainian Hryvnia: Restrictions on 2 Payment Providers

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Binance, a company that works with cryptocurrencies, will stop allowing Ukrainians to pay with their own currency (hryvnia) through two payment systems near the end of March. Before this, people in Ukraine couldn’t use their bank cards to deposit or take out money either.

Binance Offers Free Withdrawal Fee for Ukrainian Users!

Binance, the world’s biggest digital asset exchange, announced on Monday that people from Ukraine won’t be able to put in money using Settlepay and Advcash wallets any more.

If you have money left in these wallets, though, you can still take them out. The good news is: the withdrawal fee will be totally free! Binance made this announcement to its Ukrainian users through Telegram and Twitter.

The exchange in Ukraine said that nobody is allowed to deposit or take out money with their bank cards or other payment methods. This is because of rules that the National Bank of Ukraine set at the start of March.

Kuna, a Ukrainian crypto exchange, experienced internet issues too. Its founder Michael Chobanian thought it could have something to do with the government’s plan in Kyiv to put an end to money laundering and tax evasion from online gambling sites.

Binance also supported this statement saying that their outages were connected to the government’s efforts against illegal gambling businesses, which unfortunately included cryptocurrency exchanges as well.

Binance, a global crypto company just announced that Ukrainian traders don’t need to pay any commission if they want to buy or sell hryvnia, or convert it into any other asset. Plus, Binance also recommends that its users use its peer-to-peer platform for swapping both cryptocurrency and standard money with another Binance user.

Cryptocurrencies have given Ukrainians a helping hand during their conflict with Russia. A recent report showed that over $212 million has been raised from crypto donations to support their military and relief efforts. But, according to Chobanian, restrictions from the government on Hryvnia (Ukrainian currency) might affect those donations.

Do you think it will soon be possible to transfer money using Hryvnia on crypto exchanges? Let us know what you think in the comments!