Ukraine’s Largest Bank Suspends Money Transfers To Crypto Exchanges BlockBlog

Privatbank, Ukraine’s largest commercial bank, has temporarily halted domestic currency transfers to digital asset exchanges. The financial institution explained this decision by restrictions imposed by the central bank of the country under the current martial law.

Leading Bank in Ukraine Bans Clients from Sending Hryvnia to Crypto Trading Platforms

Ukraine’s largest bank by assets, Privatbank, has banned its customers from transferring funds in Ukrainian hryvnia, the national fiat currency, to cryptocurrency exchanges. The temporary ban was introduced on March 16.

According to a statement, cited by crypto outlet Forklog, the measure stems from a resolution issued by the National Bank of Ukraine (NBU) on February 24, the day 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 banking operations. For example, cash withdrawals were limited to 100,000 hryvnia (about $3,400) per day, and the hryvnia exchange rate was fixed.

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

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

Ukraine has accepted crypto donations to fund its defense efforts in the face of advancing Russian forces and to meet growing humanitarian needs. The ban comes despite President Volodymyr Zelensky signing the country’s new law “on virtual assets” this week.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

Keywords in this story

Ban, Bank, Binance, Central Bank, Crypto, Crypto Exchanges, Cryptocurrencies, Cryptocurrency, Deposits, Exchanges, Law, Legislation, Martial Law, nbu, Privatbank, Regulation, Restriction, Restrictions, Transactions, Transfers, Ukraine, Ukrainian

Do you think other Ukrainian banks will impose similar restrictions? Share your expectations in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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Ukraine’s Largest Bank Suspends Money Transfers To Crypto Exchanges BlockBlog


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