Ukraine’s Largest Bank Suspends Cash Transfers to Crypto Exchanges – Exchanges Bitcoin News

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Privatbank, the biggest business financial institution in Ukraine, has quickly halted transfers in nationwide forex to digital asset exchanges. The monetary establishment defined the transfer with restrictions imposed by the nation’s central financial institution below the present martial legislation.

Leading Bank in Ukraine Bans Clients From Sending Hryvnia to Crypto Trading Platforms

Ukraine’s largest financial institution by way of belongings, Privatbank, has prohibited its shoppers from transferring funds in Ukrainian hryvnia, the nationwide fiat forex, to exchanges buying and selling cryptocurrencies. The short-term ban has been launched on March 16.

According to a press release, quoted by the crypto information outlet Forklog, the measure stems from a decision issued by the National Bank of Ukraine (NBU) on Feb. 24, the day when Russia launched its navy invasion of the nation.

Although it doesn’t particularly point out crypto-related transactions, the doc regulates the operation of the banking system below martial legislation and introduces stricter guidelines for financial institution operations. For instance, money withdrawals had been restricted to 100,000 hryvnia (approx. $3,400) day by day and the hryvnia’s change price was fastened.

Banks are prohibited from finishing up cross-border transfers of forex from Ukraine on behalf of shoppers, Privatbank defined in its announcement. Transferring funds to be used on cryptocurrency exchanges isn’t any exception, the financial institution elaborated.

The report notes that Binance, the world’s main crypto change by buying and selling quantity, has confirmed the information of Privatbank’s determination concerning hryvnia deposits. The firm is warning customers that different banks might do the identical and recommending they flip to peer-to-peer buying and selling.

Ukraine has been accepting crypto donations to fund its protection efforts within the face of advancing Russian forces and addressing rising humanitarian wants. The ban comes regardless of President Volodymyr Zelenskyy signing this week the nation’s new legislation “On Virtual Assets.”

You can assist Ukrainian households, youngsters, refugees, and displaced individuals by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

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ban, Bank, Binance, Central Bank, Crypto, crypto exchanges, Cryptocurrencies, Cryptocurrency, deposits, Exchanges, Law, Legislation, Martial Law, nbu, Privatbank, Regulation, Regulations, restriction, restrictions, transactions, transfers, Ukraine, ukrainian

Do you suppose different Ukrainian banks will impose related restrictions? Share your expectations within the feedback part beneath.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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