Kyon and Kuna suspend bank card business due to National Bank of Ukraine restrictions

03/05/2023 06:37 • Tech Trends • 82 views

It is reported that the cryptocurrency exchange, Kyon and the Ukrainian exchange, Kuna, announced the suspension of the bank card business using the Ukrainian hryvna exchange rate. A spokesman for currency security said that the restrictions imposed by the National Bank of Ukraine (NBU) limited the processing of deposits and withdrawals in local currency, and traders were advised to use their point-to-point market.

Yunan and Kuna have suspended the bank card business at the exchange rate of Ukrainian hryvna Bank

Analysis based on this information:

Kyon and Kuna, two popular cryptocurrency exchanges in Ukraine, have announced the suspension of bank card business using the Ukrainian hryvna exchange rate. The decision was made in response to restrictions imposed by the National Bank of Ukraine (NBU) that limit the processing of deposits and withdrawals in local currency. The announcement advises traders to use the point-to-point market instead.

It is not surprising to see regulatory authorities enact restrictions on digital currencies, especially due to potential money laundering, fraud, and other illegal activities that are facilitated by cryptocurrencies. The NBU is known to be one of the more stringent regulators in this space. Hence, it is understandable why Kyon and Kuna have suspended the use of bank cards for the hryvna exchange rate, given the restrictions imposed by the NBU.

The decision to suspend the use of bank cards means that traders will have to switch to a point-to-point market. A point-to-point market is a type of market where buyers and sellers trade with each other directly, without the need for an intermediary. It is also known as a peer-to-peer (P2P) market. This means that traders will have more control over their trades and there will be no need for them to rely on a central authority. This move is likely to help Kyon and Kuna maintain their business during the restrictions imposed by NBU.

It is worth noting that the decision to suspend bank card business may cause some inconvenience to traders. Bank cards are convenient for making deposits and withdrawals, and traders may prefer to use them. However, with the prevailing restrictions in place, the move by Kyon and Kuna is a necessary one to maintain compliance and continue serving their customers.

In conclusion, the suspension of bank card business by Kyon and Kuna due to NBU restrictions is a sign of a regulatory environment that is still developing and grappling with the complexities of digital currency. The switch to a point-to-point market may pose some inconvenience to traders but it is a practical solution to maintain business operations under the prevailing restrictions.

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