Kuna pivots to focus on business clients

The Ukrainian cryptocurrency exchange Kuna will shift its focus to working with businesses and financial institutions. This was stated by the platform’s founder Mikhail Chobanian, according to ForkLog UA.

According to him, the exchange will not discontinue serving retail clients entirely, but will prioritise business customers and high-net-worth individuals.

“Governments, central banks, banks, licensed financial companies, and the servicing of business accounts, including acquiring, there will be no focus on the B2C market in Ukraine,” Chobanian said.

The entrepreneur promised to present a detailed unveiling of the new products at a later date.

In an interview with «24 каналу» Chobanian also said that Kuna is exploring options for cooperation with unnamed banks in Ukraine and the EU, through which it plans to provide “hybrid services”:

“We handle everything related to cryptocurrencies, their exchange and custody. And the bank partner does what it does. It concerns holding fiat, due diligence, dealing with the state and regulators.”

Another avenue will be the development of “private crypto-banking” for clients with assets over $500,000.

The company’s current priority, Chobanian said, is Europe and developed countries, with the United States excluded. Part of the exchange’s infrastructure will be located in Switzerland.

The company also holds licenses to operate in Lithuania and Canada, and plans to add trading pairs with the euro, the US dollar and, possibly, the Polish zloty.

Chobanian also suggested that the platform may exit the Ukrainian hryvnia market.

“The hryvnia is no longer functioning and will not function, so we do not work with it either. There is nowhere else to go,” he told ForkLog UA.

At the same time the exchange will continue to serve clients in Ukraine. In tandem, Kuna’s specialists continue to advise local regulators on developing a legal framework for the cryptocurrency industry, though this does not lead anywhere, added Chobanian.

Earlier in March, cryptocurrency platforms announced a temporary suspension of operations through hryvnia bank cards. reported that this was related to anti-money-laundering and tax-evasion efforts in the gambling sector.

Subsequently, this reason was confirmed by several more sources.