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Privatbank, Ukraine’s largest bank Stops Money transfers to cryptocurrency exchanges

Privatbank, Ukraine’s largest bank by assets, has barred its customers from sending payments in Ukrainian hryvnia, the country’s fiat currency, to cryptocurrency exchanges. On March 16th, a temporary ban was implemented.

The measure derives from a resolution issued by the National Bank of Ukraine (NBU) on February 24th, the day Russia launched its armed invasion of the country, according to a statement obtained by the crypto news outlet Forklog.

The document controls the operation of the banking system under martial law and introduces harsher requirements for bank operations, despite the fact that it does not directly reference crypto-related activities. Cash withdrawals, for example, were capped at 100,000 hryvnia ($3,400) each day, and the hryvnia’s exchange rate was fixed.

According to Privatbank’s notice, banks are forbidden from doing cross-border currency transfers on behalf of clients in Ukraine. The bank went on to say that transferring funds for use on bitcoin exchanges is no exemption.

Binance, the world’s largest crypto exchange by trading volume, has confirmed the news of Privatbank’s decision regarding hryvnia deposits, according to the article. Users are being warned that other banks may follow suit, and are being advised to use peer-to-peer trading instead.

In the face of advancing Russian soldiers and mounting humanitarian needs, Ukraine has been taking cryptocurrency donations to pay its defense efforts. Despite President Volodymyr Zelenskyy approving the country’s new “On Virtual Assets” law this week, the prohibition remains in place.

By donating BTC, ETH, or BNB to Binance Charity’s Ukraine Emergency Relief Fund, you can help Ukrainian families, children, refugees, and displaced persons.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.