• The Central Bank of Ukraine has banned crypto transactions via bank cards to protect its national currency, the hryvnia.
• Binance and other exchanges have confirmed the suspension of crypto transactions in Ukrainian hryvnia.
• Binance has suggested its community use peer-to-peer (P2P) trading as an alternative option to continue their trading seamlessly.
Ban on Crypto Transactions in Ukraine
The Central Bank of Ukraine has recently decided to ban crypto transactions via bank cards with the purpose of protecting its national currency, the hryvnia. This decision affects several leading exchanges such as Binance and Kuna who have both confirmed the suspension of crypto transactions in Ukrainian hryvnia.
Binance Suggests P2P Trading Solution
In response to this situation, Binance has suggested its community use a peer-to-peer (P2P) trading solution as an alternative way to continue their trading without relying on any third party counter such as banks. This is especially convenient for investors who need to withdraw from or move funds to another exchange.
Effects on Illegal Gambling Channels
It is believed that these restrictions are part of a larger effort by regulation authorities to tackle money laundering and tax evasion activities conducted through online gambling websites. According to Oleksiy Zhmerenetsky, a Ukrainian lawmaker, it is estimated that around 54 billion hryvnia is laundered through such illegal gambling channels annually.
Current Price of BNB
Currently, the price of BNB hovers at $285.9 in the daily chart according to TradingView data.
In conclusion, this recent ban by the Central Bank of Ukraine affects not just investors but also exchanges who must find ways around it so their customers can continue trading without disruption due to regulatory measures taken against money laundering and tax evasion activities conducted through online gambling websites in Ukraine.