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The National Bank of Ukraine banned the purchase of cryptocurrencies from hryvnia accounts

The National Bank of Ukraine introduced additional restrictions on cross-border transactions of citizens in order to prevent unproductive outflow of capital from the country under martial law.

Now individuals are temporarily prohibited from conducting quasi-cash transactions from hryvnia bank accounts. Quasi cash operations include: replenishment of electronic wallets, brokerage or forex accounts, payment of traveler’s checks, purchase of virtual assets.

Individuals will be able to buy assets that are directly exchanged for cash and are related to quasi cash transactions, using only their own foreign currency, within the limit of UAH 100,000 per month in equivalent. The corresponding limit also applies to cross-border P2P transfers. These non-cash transactions are allowed to be carried out using payment cards issued to accounts opened in foreign currency.

The National Bank also added that individuals can also, within a separate limit of UAH 100,000 per month, make cross-border P2P transfers from bank accounts in the national currency.

Since March 16, PrivatBank has temporarily banned its clients from transferring hryvnias to cryptocurrency exchanges. Binance representatives confirmed that users “are experiencing problems with such transactions.”

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