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Report: Ukraine’s Major Commercial Bank PrivateBank Restricts Its Clients From Buying BTC

As the authorities from Ukraine have turned toward the legalization of BTC (Bitcoin) during the current invasion by Russian forces,  a few among the prominent native banks have prohibited their consumers from purchasing Bitcoin by utilizing the local currency, as mentioned by the reports.

 The biggest commercial bank across Ukraine, PrivatBank, has – for the time being – banned The clients from making BTC purchases via the native currency, UAH (the hryvnia),  as reported by Forklog on Thursday. By referring to a PrivatBank spokesperson, the report states that the exclusive restrictions by PprivatBank have resulted in compliance with Ukraine’s national bank.  The implementation of the respective restrictions will be witnessed soon during martial law across the country.

 The respective statement,  which was shared on Facebook, has been witnessed just after the report that the Ukrainian branch of Binance informed regarding the restrictions imposed on the behalf of PrivatBank on Wednesday.  The announcement of Binance noted that the entirety of crypto exchanges Will have no support from PrivatBank in performing transactions through UAH from March of this year onwards.

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The consumers have also been recommended by Binance to utilize P2P (peer-to-peer) exchange facility,  mentioning that there is a chance for the rest of the banks to additionally take analogous measures. Although several reports point out that PrivatBank has put a stop on crypto for the consumers thereof, a few prominent crypto exchanges within Ukraine seem to be still favoring BTC purchases through UAH, in the words of Michael Chobanian (the founder of Kuna exchange).

He added that both the withdrawals and purchases of cryptocurrency via hryvnias were working normally at PrivatBank through the Kuna exchange. As per him, all the operations are regularly functioning without any blockage, particularly in war timing. The official website of the bank brings to the front that the institution has made several moves to maintain financial stability in line with Martial law, delivering enhanced withdrawal limits as well as credit holidays.

 The initial reports regarding crypto-related limitations imposed on the behalf of PrivatBank were witnessed in the latter part of February, and some of the consumers were of the view that banking organizations were restricting the accounts of the clients linked with P2P-based crypto exchanges including LocalBitcoins. Volodymyr Zelenskyy – the president of Ukraine – sanctioned a law to construct a legal agenda operating a completely regulated market of cryptocurrency across the country.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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