Ukraine temporarily suspended the use of its national currency, the hryvnia, via banking cards for fiat deposits and withdrawals on crypto exchanges.
While the move immediately impacted how investors move funds to and from exchanges, Binance reminded users about how peer-to-peer services come in handy when trading cryptocurrencies.
Following the temporary suspension from Ukraine’s central bank, crypto exchanges like Binance and Kuna made official announcements informing investors about the inconvenience. Michael Chobanian, the founder of local crypto exchange Kuna, acknowledged the service disruption. However, he said he would explain the nuances of the development later.
Chobanian further pointed out how such regulatory decisions have no impact on the Bitcoin ecosystem. Binance acknowledged the problem as regulators suspended the use of hryvnia on crypto exchanges.
The crypto exchange utilized the occasion to inform users that P2P services allow users to exchange crypto and fiat currencies directly with other users without needing a middle-person like banks.
Ukraine’s anti-crypto stance comes as a shock considering the country netted over $70 million in crypto donations since the start of the Russian-Ukrainian conflict.
