Ukraine’s Privatbank halts money transfers to cryptocurrency exchanges.
The financial institution explained the move with restrictions imposed by the country’s central bank under the current martial law.Ukraine’s largest bank in terms of assets, Privatbank, has prohibited its clients from transferring funds in Ukrainian hryvnia, the national fiat currency, to exchanges trading cryptocurrencies. The temporary ban has been introduced on March 16.
According to a statement, quoted by the crypto news outlet Forklog, the measure stems from a resolution issued by the National Bank of Ukraine on Feb. 24, the day when Russia launched its military invasion of the country. Although it does not specifically mention crypto-related transactions, the document regulates the operation of the banking system under martial law and introduces stricter rules for bank operations. For example, cash withdrawals wereBanks are prohibited from carrying out cross-border transfers of currency from Ukraine on behalf of clients, Privatbank explained in its announcement. Transferring funds for use on cryptocurrency exchanges is no exception, the bank elaborated.
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