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Binance recommends P2P as Ukraine suspends hryvnia use on crypto exchanges

Published 03/05/2023, 05:50 AM
Updated 03/05/2023, 07:20 AM

Ukraine temporarily suspended the use of its national currency, the hryvnia, via banking cards for fiat deposits and withdrawals on crypto exchanges. While the move immediately impacted how investors move funds to and from exchanges, Binance reminded users about how peer-to-peer (P2P) services come in handy when trading cryptocurrencies.

Following the temporary suspension from Ukraine’s central bank, crypto exchanges like Binance and Kuna made official announcements informing investors about the inconvenience. Michael Chobanian, the founder of local crypto exchange Kuna, acknowledged the service disruption. However, he said he would explain the nuances of the development later.

Kuna founder Michael Chobanian recommends Bitcoin as Ukraine halts hryvnia use on crypto exchanges. Source: Telegram
Cryptocurrencies donated to Ukraine wallets provided by the Ukrainian government. Source: Chainalysis

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