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Ukraine’s leading savings bank suspends Bitcoin purchases in hryvnia | Tokeneo

Even after Ukraine’s advances in crypto legislation, locals are reportedly not able to purchase Bitcoin using their PrivatBank bank accounts.

Although the Ukrainian government is seeking to legalise Bitcoin (BTC) in the wake of continuous Russian military attacks, several of the country’s top banks are reportedly restricting their customers from purchasing BTC using the national currency.

As per industry publication Forklog, PrivatBank, Ukraine’s largest commercial bank, has temporarily banned its customers from buying Bitcoin using the country’s currency, the hryvnia (UAH).

The report cites a PrivatBank representative as saying that the current PrivatBank regulations comply with a National Bank of Ukraine directive. The limitations, as per reports, will be in effect during the country’s current state of martial law.

The announcement came soon after Binance’s Ukrainian unit informed on Wednesday about PrivatBank’s cryptocurrency limitations.

In a Facebook post, Binance Ukraine stated, “We would like to inform you that PrivatBank will not support operations with UAH on all crypto exchanges with no exception starting from March 2022.”

Binance also encouraged its users to use its peer-to-peer (P2P) exchange service, adding that other banks might fall into line at any time.

While many sources state that PrivatBank has banned customers from purchasing crypto, several key Ukrainian crypto exchanges seem to still accept UAH for BTC purchases. As of Friday, both crypto purchases and withdrawals using hryvnias at PrivatBank through the Kuna exchange were operating smoothly, according to Michael Chobanian, founder of the Kuna exchange.

Chobanian said, “Everything works, as usual, no one has blocked anything, especially during the war.”

PrivatBank has taken significant steps to maintain economic stability under martial law, including giving credit holidays and raising withdrawal limits, according to the bank’s official website.

The initial reports of PrivatBank’s crypto-related restrictions showed up in late February, with several users saying that banks were banning user accounts linked to peer-to-peer crypto exchanges such as LocalBitcoins.

“What are alternatives to send money to Ukrainians using crypto? Privatbank is failing us” – claberus Слава Україні!

Ukraine’s president, Volodymyr Zelenskyy, inked a law on Wednesday that creates a legal structure for the nation to run a regulated cryptocurrency market. In mid-February, the Ukrainian parliament passed the law in its second reading, indicating that the Ukrainian administration was proactively working to embrace regulations.


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