11.9 C
Los Angeles
Sunday, March 26, 2023
- Advertisement -

Binance Recommends P2P As Ukraine Suspends Use Of Hryvnia On Crypto Exchanges

BusinessCryptoBinance Recommends P2P As Ukraine Suspends Use Of Hryvnia On Crypto Exchanges
- Advertisement -

Ukraine temporarily suspended the use of its national currency, the hryvnia, through banking cards for fiat deposits and withdrawals on crypto exchanges. While the move immediately affected how investors move funds to and from exchanges, Binance reminded users how Peer-to-Peer (P2P) Services Comes in handy when trading cryptocurrencies.

Following the temporary suspension from the Central Bank of Ukraine, crypto exchanges such as Binance and Kuna made official announcements and informed investors about the inconvenience. Michael Chobanian, founder of local crypto exchange Kuna, acknowledged the service disruption. however, he Said He will explain the nuances of development later.

Kuna founder Michael Chobanian recommends bitcoin as Ukraine bans the use of hryvnia on crypto exchanges. Source: Telegram

Chobanian further explained how such regulatory decisions have no effect on bitcoin (B T c) ecosystem and added that:

“With regard to input/output for hryvnia card and exchange. Yes, it does not work … We are looking for ways out of the situation under the threat of stopping the entire Ukrainian crypto/card UAH market [translation],

- Advertisement -

Binance acknowledged the problem after regulators suspended the use of the hryvnia on crypto exchanges. However, Binance had an alternative solution:

“We recommend using a P2P service so that you can continue to use Binance in peace.”

The crypto exchange used this opportunity to inform users that the P2P services allow users to exchange crypto and fiat currencies directly with other users without the need for a middle-man such as banks.

Connected: Binance ‘not planning any layoffs,’ will fill 500 roles in H1

Ukraine’s anti-crypto stance comes as a blow, considering the country has netted more than $70 million in crypto donations since the start of the Russian-Ukrainian conflict.

fa9076bd 71cd 4e9f 9c73 e05f8502f39e
Donated cryptocurrency to Ukraine Wallet provided by the Government of Ukraine. Source: Chainalysis

“If we used the traditional financial system, it would take days […] We were able to secure purchases of critical items via crypto in no time, and to my surprise almost 60% of suppliers were able to accept crypto, I didn’t expect that,” Ukrainian Deputy Digital Minister Alex Bornyakov said On 24 February.