The impossibility of transactions with non-cash hryvnia on exchanges is potentially related to combating money laundering and tax evasion in the gambling industry. Mikhail Chobanyan, the founder of the Ukrainian cryptocurrency exchange Kuna, stated this in a comment to Cryplogger.
According to him, the problem with depositing and withdrawing the hryvnia on trading platforms began around September 2022, since the end of December the restrictions have become tougher.
“NBU banned P2P and A2C-operations to financial companies, and since all crypto-exchanges work through them, as a result, everything is gone for the latter,” Chobanyan said.
The businessman did not name specific reasons for such restrictions, but referred to the post of People’s Deputy Alexei Zhmerenetsky about the annual laundering 54 billion hryvnia through the shadow gambling business. Part of this amount, according to the deputy, is withdrawn through digital assets.
In a comment to Cryplogger, Aleksey Zhmerenetsky confirmed the relationship between the fight against illegal gambling and restrictions on crypto exchanges.
“The crypt has nothing to do with it at all, it just passes tangentially. But when the entire market was closed, the crypt was also closed, because it used the same mechanisms,” Mikhail Chobanyan added.
He also called the consequence of this struggle new NBU resolution regarding the relicensing of financial companies in the country.
According to the founder of Kuna, the P2P market in Ukraine will remain curtailed, but he still sees no reasons for a complete ban on exchange transactions between individuals.
“It will be necessary to fool around with P2P, or completely go into the cache. I suppose that now all sorts of alternative channels will begin to appear outside of Ukraine with conversion into currency at the NBU rate, ”he predicted.
In general, Chobanyan believes that the new NBU restriction causes great reputational damage to Ukraine, which in 2020 held a leading position in the global index of adoption of digital currencies according to Chainalysis. It will also affect the activities of local small/medium businesses and crypto donations.
He added that against the backdrop of new restrictions, the Kuna exchange he founded intends to refocus on European users.
At the time of writing, Cryplogger has not received any comments from the NBU.
Recall that from March 16, 2022, PrivatBank temporarily banned its customers transfer hryvnia to cryptocurrency exchanges. The restriction is related to the decision of the NBU and is valid for the period of martial law.
At the same time, monobank told Cryplogger UA that cross-border transfers are limited, but there should be no difficulties with hryvnia transactions within Ukraine.
At the end of April, in order to reduce the outflow of capital from the country, the NBU limited transactions for the purchase of cryptocurrencies in the amount of up to UAH 100,000 per person per month.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The impossibility of transactions with non-cash hryvnia on exchanges is potentially related to combating money laundering and tax evasion in the gambling industry. Mikhail Chobanyan, the founder of the Ukrainian cryptocurrency exchange Kuna, stated this in a comment to Cryplogger.
According to him, the problem with depositing and withdrawing the hryvnia on trading platforms began around September 2022, since the end of December the restrictions have become tougher.
“NBU banned P2P and A2C-operations to financial companies, and since all crypto-exchanges work through them, as a result, everything is gone for the latter,” Chobanyan said.
The businessman did not name specific reasons for such restrictions, but referred to the post of People’s Deputy Alexei Zhmerenetsky about the annual laundering 54 billion hryvnia through the shadow gambling business. Part of this amount, according to the deputy, is withdrawn through digital assets.
In a comment to Cryplogger, Aleksey Zhmerenetsky confirmed the relationship between the fight against illegal gambling and restrictions on crypto exchanges.
“The crypt has nothing to do with it at all, it just passes tangentially. But when the entire market was closed, the crypt was also closed, because it used the same mechanisms,” Mikhail Chobanyan added.
He also called the consequence of this struggle new NBU resolution regarding the relicensing of financial companies in the country.
According to the founder of Kuna, the P2P market in Ukraine will remain curtailed, but he still sees no reasons for a complete ban on exchange transactions between individuals.
“It will be necessary to fool around with P2P, or completely go into the cache. I suppose that now all sorts of alternative channels will begin to appear outside of Ukraine with conversion into currency at the NBU rate, ”he predicted.
In general, Chobanyan believes that the new NBU restriction causes great reputational damage to Ukraine, which in 2020 held a leading position in the global index of adoption of digital currencies according to Chainalysis. It will also affect the activities of local small/medium businesses and crypto donations.
He added that against the backdrop of new restrictions, the Kuna exchange he founded intends to refocus on European users.
At the time of writing, Cryplogger has not received any comments from the NBU.
Recall that from March 16, 2022, PrivatBank temporarily banned its customers transfer hryvnia to cryptocurrency exchanges. The restriction is related to the decision of the NBU and is valid for the period of martial law.
At the same time, monobank told Cryplogger UA that cross-border transfers are limited, but there should be no difficulties with hryvnia transactions within Ukraine.
At the end of April, in order to reduce the outflow of capital from the country, the NBU limited transactions for the purchase of cryptocurrencies in the amount of up to UAH 100,000 per person per month.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
