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Ukrainian Cryptocurrency Exchanges Suspend Bank Card Business Amidst National Bank Restrictions

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It is reported that the cryptocurrency exchange, Kyon and the Ukrainian exchange, Kuna, announced the suspension of the bank card business using the Ukrainian …

Ukrainian Cryptocurrency Exchanges Suspend Bank Card Business Amidst National Bank Restrictions

It is reported that the cryptocurrency exchange, Kyon and the Ukrainian exchange, Kuna, announced the suspension of the bank card business using the Ukrainian hryvna exchange rate. A spokesman for currency security said that the restrictions imposed by the National Bank of Ukraine (NBU) limited the processing of deposits and withdrawals in local currency, and traders were advised to use their point-to-point market.

Yunan and Kuna have suspended the bank card business at the exchange rate of Ukrainian hryvna Bank

Interpretation of the news:


The cryptocurrency industry is continuing to face challenges across various regions globally, and the suspension of the bank card business by Ukrainian exchanges, Kyon and Kuna, adds to the list. It was announced that the exchanges would no longer be able to utilize the Ukrainian hryvna exchange rate due to restrictions imposed by the National Bank of Ukraine (NBU). Consequently, withdrawals and deposits would be limited, and traders were urged to use the point-to-point market.

The NBU’s move is not surprising, given that the traditional financial sector is often wary of the cryptocurrency industry. Furthermore, the NBU has made it clear in the past that it would limit cryptocurrency transactions as the industry lacked a regulatory framework. As such, the bank demands that exchanges provide written notification to depositors that they are not entitled to any guarantees from the bank.

It is a positive sign that the exchanges continue to facilitate point-to-point market trading, meaning that traders can still conduct transactions without the need for deposits or withdrawals. This transaction method is generally safer, particularly when traders use an escrow service that ensures that the parties receive the agreed-upon cryptocurrency amount.

The suspension of the bank card business by the Ukrainian exchanges highlights on the need for clear regulatory frameworks in the cryptocurrency industry. It is essential for regulatory bodies to understand that the industry’s growth is inevitable, and failure to prepare for it will only increase the risks associated with illegal transactions. According to reports, the NBU is now calling on the crypto industry’s involvement in drafting such a framework, which is a significant development.

In conclusion, while the suspension of the bank card business by Kyon and Kuna may impact traders, it is encouraging to see that the exchanges have taken steps to mitigate the situation by urging point-to-point market trading. The move by the NBU underscores the urgency for clear regulatory frameworks within the cryptocurrency industry. Nevertheless, the recent announcement that the bank is seeking the industry’s participation in drafting the said framework indicates a willingness to recognize and accommodate the industry’s growth.

Overall, it is crucial for regulatory bodies and the cryptocurrency industry to work collaboratively towards establishing sustainable frameworks that prioritize innovation, and eliminate risks associated with illegal transactions.

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