Binance Resolves Issue with Automatic Cancellation of P2P Orders

On April 4, users of the cryptocurrency exchange Binance in Ukraine reported difficulties in executing P2P transactions in the local market.

When creating an order to sell USDT for hryvnias, the system automatically cancelled it. The issue persisted for several hours.

Shortly after notification from ForkLog, Binance’s technical team announced that the error had been fixed. It arose due to the introduction of a fixed fee for takers.

Earlier, the exchange announced that from March 19, it would begin applying a fixed taker fee (a charge for buying/selling a listed order) of 0.05 USDT to trading pairs with USDT on certain fiat markets in the P2P zone. Among others, this would affect the USDT/UAH pair.

Taker fees will be implemented by the end of June 2024.

The maker fee rates (a charge for placing a limit order) in the P2P zone remain unchanged.

Back in early March, media outlets circulated inaccurate information about an alleged mass account freeze on Binance for users from Ukraine. The exchange denied the existence of a problem for all clients in the region, stating that individual account freezes were conducted in cooperation with law enforcement agencies.