Fun

Ukraine’s Largest Bank Suspends Money Transfers to Crypto Exchanges

News Feed - 2022-03-19 02:03:39

Ukraine’s Largest Bank Suspends Money Transfers to Crypto Exchanges


Privatbank, the largest commercial bank in Ukraine, has temporarily halted transfers in national currency to digital asset exchanges. The financial institution explained the move with restrictions imposed by the country’s central bank under the current martial law. Leading Bank in Ukraine Bans Clients From Sending Hryvnia to Crypto Trading Platforms


Ukraine’s largest bank in terms of assets, Privatbank, has prohibited its clients from transferring funds in Ukrainian hryvnia, the national fiat currency, to exchanges trading cryptocurrencies. The temporary ban has been introduced on March 16.


According to a statement, quoted by the crypto news outlet Forklog, the measure stems from a resolution issued by the National Bank of Ukraine (NBU) on Feb. 24, the day when Russia launched its military invasion of the country.


Although it does not specifically mention crypto-related transactions, the document regulates the operation of the banking system under martial law and introduces stricter rules for bank operations. For example, cash withdrawals were limited to 100,000 hryvnia (approx. $3,400) daily and the hryvnia’s exchange rate was fixed.


Banks are prohibited from carrying out cross-border transfers of currency from Ukraine on behalf of clients, Privatbank explained in its announcement. Transferring funds for use on cryptocurrency exchanges is no exception, the bank elaborated.


The report notes that Binance, the world’s leading crypto exchange by trading volume, has confirmed the news of Privatbank’s decision regarding hryvnia deposits. The company is warning users that other banks may do the same and recommending they turn to peer-to-peer trading.


Ukraine has been accepting crypto donations to fund its defense efforts in the face of advancing Russian forces and addressing growing humanitarian needs. The ban comes despite President Volodymyr Zelenskyy signing this week the country’s new law “On Virtual Assets.”


You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. Tags in this story 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 think other Ukrainian banks will impose similar restrictions? Share your expectations in the comments section below. 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, international politics and economics are two other sources of inspiration. Crypto.com Launches US Exchange — Institutional Investors Granted Access First EXCHANGES | 4 days ago Binance Suspends Transactions With Russian Mastercard and Visa Cards EXCHANGES | Mar 11, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDubai’s New Virtual Asset Regulator Licenses Crypto Exchanges Binance, FTX Next articleBitcoin Ink: Study Shows Interest in ‘Crypto Tattoos’ Jumped 222% in the Past Year Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBinance Now Fully Licensed by Central Bank of Bahrain to Offer Crypto Services


Cryptocurrency exchange Binance has announced that it has received a full license from the Central Bank of Bahrain. "The crypto asset license will allow Binance to provide crypto-asset trading, custodial services, and portfolio management to customers under the supervision of ... read more.Aptos, Led by Meta"s Ex-Employees, Gets $200 Million to Build a Scalable Blockchain System British Investment Bank HSBC Joins Metaverse via Sandbox, Animoca Brands Partnership Instagram Is Working on Bringing NFTs to the Platform in the "Near Term," Says Meta CEO Mark Zuckerberg President Zelenskyy Signs Ukraine’s Law ‘On Virtual Assets’

News Feed

Börse Stuttgart, ECB cut settlement time in blockchain test
Josh O"Sullivan13 hours agoBörse Stuttgart, ECB cut settlement time in blockchain testBörse Stuttgart Group’s blockchain test, in collaboration with the European Central Bank, aims to revolutionize securities transac
Coinbase: Institutional Investors Increased Allocations During Crypto Winter, Long-Term Price Outlook Positive
Coinbase: Institutional Investors Increased Allocations During Crypto Winter, Long-Term Price Outlook Positive A recent survey sponsored by the Nasdaq-listed crypto exchange Coinba
Chainalysis: Crypto Gains Skyrocket Worldwide — Investors’ Profit Grew 5x to $163 Billion in 2021
Chainalysis: Crypto Gains Skyrocket Worldwide — Investors" Profit Grew 5x to $163 Billion in 2021 Blockchain data analytics firm Chainalysis has found that the total cryptocurren
TON continues to attract Web3 firms as Telegram Ad Platform goes live
Gareth Jenkinson10 hours agoTON continues to attract Web3 firms as Telegram Ad Platform goes liveMirana Ventures invests $8 million into The Open Network ecosystem as Bybit looks to tap into Telegram’s recently launche
Felix Ng7 hours agoDear crypto writers: No one wants to read your ChatGPT-generated trashOpinion: If you used ChatGPT to write an article, do us all a favor and delete it. None of us want to read it.706 Total views14 Tot
Crypto ATM Company Bitbase Prepares to Open Operations in Venezuela This Year
Crypto ATM Company Bitbase Prepares to Open Operations in Venezuela This Year Bitbase, a cryptocurrency store and ATM company headquartered in Spain is preparing to open operations
Ethereum Price Sits Above Crucial Support Level — Is A Fall To $1,500 Possible?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout
Este artículo también está disponible en español. The Dogecoin price recently surged 20% after President-elect Donald Trump announced the formationof a new Department of
Ground Reports Concerning Salvadoran Bitcoin Law Highlight False Narrative Painted by Influencers
Ground Reports Concerning Salvadoran Bitcoin Law Highlight False Narrative Painted by Influencers On Tuesday, Bitcoin.com News spoke with Marc Falzon, an individual who has been do
While the FTX Co-Founder Claims He ‘Wasn’t Running Alameda,’ SBF Is Asked Why He Threw Caroline Ellison ‘Under the Bus’
While the FTX Co-Founder Claims He "Wasn’t Running Alameda," SBF Is Asked Why He Threw Caroline Ellison "Under the Bus" While the former FTX CEO Sam Bankman-Fried (SBF) has done
Brayden Lindrea3 hours agoRiot Platforms to add 33,000 Bitcoin miners ahead of 2024 halvingThe new rigs will add 7.6 EH/s to the firm’s self-mining capacity, but won’t be installed until the first quarter of 2024.274
Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle
Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle The masterminds behind the alleged cryptocurrency Ponzi scheme called Bitstream Circle are bel