Important Binance Announcement Concerning Ukrainian Users: What’s Happening?

The world’s largest cryptocurrency exchange announced a delisting move that will primarily affect its Ukrainian clients.

Binance has been making headlines lately amid regulatory challenges in the European Union, and reports say US prosecutors have been examining alleged Iran-linked trading on the platform.

The Latest Announcement

Binance revealed that it will close UAH deposits and withdrawals via Fiat Trade UAH and delist the USDT/UAH spot trading pair. These services will no longer be supported after September 28.

“All open orders on the USDT/UAH Spot trading pair will be automatically removed after trading ceases. Users are advised to manage their UAH balances and open orders before the above deadlines,” the company clarified.

The exchange also said it will automatically convert all remaining UAH balances to USDT by September 30. No action is required from users who choose this option.

UAH is the symbol for the Ukrainian hryvnia, the official currency of the Eastern European country. The move is likely to disappoint some of the local users, as it means one less gateway between the domestic financial system and the crypto market.

Ukraine has in fact emerged as a stronghold for Binance, with millions of Ukrainians using its services. Earlier this year, the company focused on some of its strongest markets and launched seven new official WhatsApp channels. One of those is specifically dedicated to users in Ukraine.

Binance’s Issues

The European Union’s MiCA regulatory framework took effect on July 1, and crypto platforms that couldn’t obtain the required license were not allowed to offer services to local clients. Binance, which applied through Greece, was rejected, and many users indeed reported disruptions.

Earlier this month, The Wall Street Journal disclosed that Christine Lagarde (President of the European Central Bank) has personally asked Greek Prime Minister Kyriakos Mitsotakis to block Binance’s bid for permission. According to the media outlet, the main reasons are the company’s earlier guilty plea to US money laundering and sanctions violations, and fears that allowing the entity into Europe would push more people toward dollar stablecoins just as the ECB was trying to launch its own digital euro.

Meanwhile, Binance recently faced a new investigation in the United States over potential violations of sanctions on Iran. According to Bloomberg, local authorities have been examining whether the exchange enabled certain trading activity linked to the Asian country on its platform.

Recall that in 2023, the firm agreed to plead guilty and pay $4.3 billion in penalties to resolve US anti-money-laundering, sanctions, and money-transmission violations. At the time, its former CEO, Changpeng Zhao (CZ), was sent behind bars for four months and paid a $50 million fine. Donald Trump later granted him a presidential pardon.