Binance recommends P2P as Ukraine suspends hryvnia use on crypto exchanges

Ukraine temporarily suspended the usage of its nationalist currency, the hryvnia, via banking cards for fiat deposits and withdrawals connected crypto exchanges. While the determination instantly impacted however investors determination funds to and from exchanges, Binance reminded users astir however peer-to-peer (P2P) services travel successful useful erstwhile trading cryptocurrencies.

Following the impermanent suspension from Ukraine’s cardinal bank, crypto exchanges similar Binance and Kuna made authoritative announcements informing investors astir the inconvenience. Michael Chobanian, the laminitis of section crypto speech Kuna, acknowledged the work disruption. However, helium said helium would explicate the nuances of the improvement astatine a aboriginal stage.

Kuna laminitis Michael Chobanian recommending Bitcoin arsenic Ukraine halts hryvnia usage connected crypto exchanges. Source: Telegram

Chobanian further pointed retired however specified regulatory decisions person nary interaction connected the Bitcoin (BTC) ecosystem and added that (rough translation):

“Regarding the hryvnia paper and input/output to the exchange. Yes, it doesn’t enactment … We are looking for ways retired of the situation, nether the menace of stopping the full Ukrainian crypto/card UAH market.”

Binance, too, acknowledged the occupation arsenic regulators suspended the usage of hryvnia connected crypto exchanges. However, Binance had an alternate solution arsenic it recommended (rough translation):

“We suggest utilizing the P2P work truthful that you tin proceed to usage Binance comfortably.”

The crypto speech utilized the juncture to pass users that peer-to-peer services let users to speech crypto and fiat currencies straight with different users without the request for a middleperson similar banks.

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Ukraine’s anti-crypto stance comes arsenic a daze considering the state netted implicit $70 cardinal successful crypto donations since the commencement of the Russian-Ukrainian conflict.

Cryptocurrencies donated to Ukraine wallets provided by the Ukrainian government. Source: Chainalysis

“If we utilized the accepted fiscal system, it was going to instrumentality days [...] We were capable to unafraid the acquisition of captious items successful nary clip astatine each via crypto, and what is astonishing is that astir 60% of suppliers were capable to judge crypto, I didn’t expect this,” said Ukrainian lawman integer curate Alex Bornyakov connected Feb. 24.