Kuna Cryptocurrency Exchange Considers Exiting Ukrainian Market

The Ukrainian cryptocurrency exchange Kuna is contemplating the sale of its local business and has already initiated preliminary discussions with potential investors. This was revealed by the exchange’s founder, Mikhail Chobanyan, in an interview with Mind.ua.

According to Chobanyan, the decision stems from high risks in the local market. Ukraine lacks effective cryptocurrency regulation, and due to restrictions by the National Bank of Ukraine, companies in the sector have lost the ability to legally operate with hryvnia cards.

“After conducting a market reassessment, we decided not to launch our B2B crypto acquiring platform KUNA Pay in Ukraine,” Chobanyan stated.

The company is currently considering four options for its future course: a complete exit from the Ukrainian market, the sale of its subsidiary, a hybrid partnership, or integration with a local bank. Negotiations are ongoing regarding various proposals, though “without significant results” so far.

Kuna plans to focus on the European Union market, although it continues to serve a large number of Ukrainian clients.

“Our users can still use the hryvnia thanks to P2P. But this is not systematic, and we are not developing this direction,” Chobanyan added.

In April 2023, Kuna announced a shift in focus towards working with businesses and financial institutions.

At that time, Chobanyan had already suggested that the exchange might exit the Ukrainian hryvnia market.