Binance encourages P2P as Ukraine suspends the usage of the hryvnia on cryptocurrency exchanges

After the short suspension by the central bank of Ukraine, crypto exchanges such as Binance and Kuna issued public statements warning investors of the inconvenience.

The hryvnia (the currency of Ukraine) cannot be deposited or withdrawn from cryptocurrency exchanges using Ukrainian bank cards at this time. Although the shift immediately affected how investors transferred funds to and from exchanges, Binance reminded customers that peer-to-peer (P2P) services are helpful in trading cryptocurrency.

After the short suspension by the central bank of Ukraine, crypto exchanges such as Binance and Kuna issued public statements warning investors of the inconvenience. Kuna’s creator and CEO Michael Chobanian has admitted that the exchange’s services have been temporarily interrupted. Nonetheless, he said that he would discuss the development’s nuances later.

Chobanian emphasized that such regulatory actions do not affect the bitcoin ecosystem and stated: “Relating to the hryvnia card and exchange input/output. Indeed, it doesn’t work … Under the danger of shutting down the whole Ukrainian crypto/card UAH market, we are exploring alternatives out of the current predicament.

Binance admitted the issue as officials prohibited using the Ukrainian currency on cryptocurrency exchanges. Binance had an alternate option: “We recommend utilizing the P2P service so you may continue using Binance with ease.”

The cryptocurrency exchange used the opportunity to remind customers that P2P services enable users to swap crypto and fiat currencies directly with other users without intermediaries such as banks.

Ukraine’s anti-crypto attitude seems surprising because the government has received over $70 million in crypto contributions since the start of the Russian-Ukrainian war.

“Using the conventional finance system would have taken days […]” We were able to secure the purchase of essential supplies in no time using cryptocurrency, and what’s even more astonishing is that roughly 60 percent of suppliers were able to take cryptocurrency. I had no idea this was possible,” stated Alex Bornyakov, deputy digital minister of Ukraine, on February 24.

Also Read: The CEO Of Ripple Claims The United States Lags Behind Other Nations In Crypto Adoption

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.