Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers – Exchanges Bitcoin News
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The world’s largest cryptocurrency exchange, Binance, has announced that it will implement restrictions on Ukrainian Hryvnia operations through two payment service providers – AdvCash and Perfect Money.
The move by Binance comes after the National Bank of Ukraine introduced new regulations on the operation of cryptocurrency exchanges in the country. Under the new rules, cryptocurrency exchanges must verify the identity of their users and ensure that all transactions comply with anti-money laundering and counter-terrorism financing regulations.
Binance announced that starting from October 11, 2021, users in Ukraine will no longer be able to deposit or withdraw funds in Hryvnia via AdvCash or Perfect Money. The exchange stated that the restrictions were necessary to comply with the new regulations.
“We apologize for any inconvenience caused and appreciate your understanding in this matter,” Binance’s statement read.
Many cryptocurrency exchanges have faced regulatory challenges in Ukraine and other countries in recent years. Some governments have banned cryptocurrency trading altogether, while others have imposed strict regulations on exchanges to prevent money laundering and other illicit activities.
Binance has been one of the most active cryptocurrency exchanges in Ukraine, offering users the ability to buy and sell a wide range of cryptocurrencies in Hryvnia. The exchange has been popular among Ukrainian traders due to its low fees and user-friendly interface.
In addition to the new restrictions, Binance will also require Ukrainian users to undergo a new verification process. Starting from October 11, users will need to submit a new set of documents to verify their identity and comply with the new regulations.
Binance has been expanding its presence in Eastern Europe in recent years, opening new offices in countries such as Hungary and Romania. The exchange has also been working to develop new products and services to cater to the needs of its users in the region.
Despite the challenges posed by regulatory changes, Binance remains one of the leading cryptocurrency exchanges in the world, with millions of users and billions of dollars in daily trading volume. With its global reach and innovative approach, it is likely to continue to be a major player in the cryptocurrency industry for years to come.
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