Crypto Exchanges Under Ukrainian Pressure
The Ukrainian government has lately made a request for certain financial data from local crypto exchanges.
Bitcoin and other cryptocurrencies gained popularity in Ukraine after Russia’s attack on the country, driving up trading volumes on local crypto exchanges.
However, a regulatory shift by the Ukrainian government regarding digital currencies led to decreased activity on exchanges.
As a result, the Ukrainian government has lately demanded data from domestic cryptocurrency exchanges.
The NBU demanded that all accounts formed in 2023 or later be disclosed, along with the volumes and transfer data for all cryptocurrency platforms.
Michael Chobanyan, in his interview with Cointelegraph, proceeded by saying that, as of March 2023, users have abandoned the Ukrainian market because of the NBU’s strict regulations.
Since March of 2023, trade volumes in Kuna have dropped by 90% as a direct result of the policy of the Ukrainian government. They have been quite constant in their efforts to destroy my country’s crypto and Web3 industries.
However, the NBU’s recent move is not without its merits, even if Ukrainian authorities remain excessively antagonistic to the crypto business.
“As of the right moment, our attention is strictly directed at the European b2b market. Thanks to NBU’s initiatives, we’re more motivated than ever to leave Ukraine behind and establish ourselves as a leading player in Europe.”