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Ukraine demands local crypto businesses provide financials

Bullet Points:

  • The National Bank of Ukraine (NBU) has requested financial statements from four local crypto firms.
  • Kuna exchange founder and CEO Michael Chobanyan shared the news on his Telegram channel.
  • The NBU has demanded the crypto businesses provide financials within seven days.
  • The NBU also requested data on operating volumes and information about fund transfers.
  • Kuna CEO Chobanyan believes the government is trying to suppress the potential of crypto in Ukraine.

The government of Ukraine has recently requested that local cryptocurrency businesses provide certain financial information. The National Bank of Ukraine (NBU) specifically demanded financial statements from four local crypto firms: Kuna, CoinPay, GEO Pay, and Qmall. These crypto businesses have been given seven days to provide the financials.

The news about the NBU’s request was shared by Kuna exchange founder and CEO Michael Chobanyan, who cited a document distributed by the Ukrainian Telegram news channel, Politics of the country. The NBU also requested data on operating volumes and information about the receipt and transfer of funds. Furthermore, the Ukrainian crypto firms were asked to issue statements for all accounts from the beginning of 2023.

Chobanyan confirmed the news on his own Telegram channel and expressed confusion about the reasons behind the NBU’s actions. He argued that there is no such information in Ukraine and has never been. Chobanyan also mentioned that there have been searches in exchanges across Ukraine triggered by the actions of the NBU, Ministry of Internal Affairs, and the Security Service of Ukraine. He believes that there will be more searches and exchanges.

Chobanyan revealed that Kuna exchange left its business-to-customer market in Ukraine in March 2023 due to “predatory actions” by the NBU. He stated that the NBU is consistent in killing the potential of his country in the crypto and Web3 space. The exchange volumes of Kuna have shrunk by 90% over the past few months. Chobanyan also mentioned that Kuna had previously lost about 60% of its volumes when it had to leave the Russian market.

Despite the hostility from Ukrainian authorities towards the crypto industry, Chobanyan sees some benefits in the recent actions taken by the government. He mentioned that Kuna is now focusing on the European market, particularly the business-to-business market. The exchange recently launched the crypto-acquiring service KunaPay. Chobanyan expressed gratitude to the NBU for stimulating Kuna to become a successful European company rather than a niche Ukrainian player.

The NBU has accepted Cointelegraph’s request for comment but has not yet responded. This article will be updated with new information as it becomes available.

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