The government of Ukraine has approached four local cryptocurrency businesses, including the Kuna exchange, asking them to provide financial information for the first half of 2023.
The National Bank of Ukraine (NBU) demanded these crypto companies submit financial statements and data on their trading volumes and transactions within seven days.
The CEO of Kuna exchange, Michael Chobanyan, shared the news on July 3rd, stating that the NBU’s reasons for this request are unclear. He also mentioned that the NBU’s actions have caused significant damage to the crypto industry in Ukraine, as Kuna’s trading volumes dropped by 90% in a few months.
Chobanyan further explained that Kuna decided to stop serving customers in Ukraine in March 2023 due to what he calls “predatory actions” by the NBU. Instead, the company is now focusing on the European market and recently launched a service called KunaPay.
Although the situation has been challenging for Kuna and other crypto businesses in Ukraine, Chobanyan sees some positive aspects as it encourages them to expand to the European market and become successful at a broader level.
The NBU’s abrupt demand for financial information from Ukrainian crypto businesses, like the Kuna exchange, without clear reasons, has caused significant damage to the industry and pushed Kuna to shift its focus to the European market, presenting both challenges and opportunities for growth.
Also Read: FBI and Ukraine Shutdown 9 Crypto Laundering Exchanges
