To keep the financial stability, Banks were ordered by the Central Bank to suspend services for crypto platforms to block the users from buying crypto assets with fiat currency.
Today is the 23rd day of the Russia vs Ukraine war and these things are continuously hammering the financial economy of both countries, because of the lack of confidence among the citizens from both countries for their national sovereign fiat currency. Under these situations, Banks from both countries decided to take suitable action.
On 17 March, Forklog published a report on the new restriction rules on the Ukrainian Banks to block crypto exchanges, to restrict the citizens to buy crypto assets through direct Ukrainian fiat currency hryvnia (UAH).
Reportedly PrivatBank, the largest commercial bank in Ukraine, suspended services for crypto exchanges temporarily. The report also noted that due to current war situations in the country, services will remain suspended as per the order of the national bank of Ukraine.
The Ukrainian subsidiary of Binance announced on the such restrictions imposed by PrivatBank and said that restrictions will remain continue from this March. And also advised users to adopt P2P trade methods.
“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.”
On this matter, PrivatBank published its announcement and confirmed that all such actions were taken under the order of the central bank, to maintain financial stability. Bank also explained that such decisions will help the banks to provide high withdrawal and credit limit people during holidays.
According to some Twitter users, these problems started at the end of Feb.
According to experts Banks should not do such types of works against the crypto Industry because if banks will not support then people use P2P methods. And also the Central Bank should not forget that the crypto industry-supported much of the country against Russia.
Read also: Russian banks ordered by Central Bank to monitor banking transactions including crypto