While Ukraine suspends the usage of the hryvnia on crypto exchange, Binance advises P2P.

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By Degen Lipsa

Crypto exchanges like Binance and Kuna issued formal releases notifying investors about the inconvenience following the temporary suspension by the central bank of Ukraine.While Ukraine suspends the usage of the hryvnia on crypto exchange, Binance advises P2P.

Banking card use for deposits and withdrawals in hryvnia on crypto exchange has been temporarily restricted in Ukraine. While the shift instantly affected how investors transferred money to and from exchanges, Binance reminded users of the value of peer-to-peer (P2P) services for cryptocurrency trading.

Crypto exchanges like Binance and Kuna issued formal releases notifying investors about the inconvenience following the temporary suspension by the central bank of Ukraine.The founder of the nearby cryptocurrency exchange Kuna, Michael Chobanian, acknowledged the service interruption. He promised to go into more detail on the specifics of the development later, though.

Further emphasizing how such legislative actions have no impact on the Bitcoin ecosystem, Chobanian added:

“With relation to the hryvnia card and input/output to the exchange.Absolutely, it is ineffective.We are exploring for solutions out of the crisis, under the danger of suspending the whole Ukrainian crypto/card UAH market . “

In response to officials banning the usage of hryvnia on cryptocurrency exchanges, Binance recognized the issue.Binance, however, had an alternative plan of action:

“To continue using Binance smoothly, we advise utilizing the P2P service. “

The opportunity was used by the cryptocurrency exchange to tell customers of P2P services, which let users trade digital and fiat currencies directly with one another instead of going through a middleman like a bank.

The country has received almost $70 million in cryptocurrency donations since the commencement of the Russian-Ukrainian conflict, thus Ukraine’s anti-crypto attitude seems surprising.

“If we used the traditional financial system, it was going to take days […] We were able to secure the purchase of vital items in no time at all via crypto, and what is amazing is that around 60% of suppliers were able to accept crypto, I didn’t expect this,” said Ukrainian deputy digital minister Alex Bornyakov on Feb. 24.

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