{"id":62740,"date":"2022-06-10T13:20:49","date_gmt":"2022-06-10T10:20:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=62740"},"modified":"2025-09-05T19:45:08","modified_gmt":"2025-09-05T16:45:08","slug":"monobank-clarifies-restrictions-on-withdrawing-hryvnias-from-cryptocurrency-exchanges","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/monobank-clarifies-restrictions-on-withdrawing-hryvnias-from-cryptocurrency-exchanges\/","title":{"rendered":"Monobank clarifies restrictions on withdrawing hryvnias from cryptocurrency exchanges"},"content":{"rendered":"

Ukrainian Monobank explained the restrictions on withdrawing funds from cryptocurrency exchanges.<\/p>\n

In a ForkLog UA comment, the bank’s support service cited Section 4.3 of the Terms and Rules of Service<\/a>, which provides for the suspension of incoming and outgoing transactions in foreign currency if there is suspicion of their connection with prohibited activity, including forex deals and transfers of electronic currency.<\/p>\n

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\u201cTransfers related to electronic currencies (not only Binance) are prohibited by the bank’s rules, so such a payment cannot be credited,\u201d said support.<\/p>\n<\/blockquote>\n

To avoid trouble at the bank, customers were advised not to initiate such payments.<\/p>\n

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\u201cThe bank acts strictly within the [instructions] of the NBU and the applicable law; this is enough to make decisions,\u201d added the support staff.<\/p>\n<\/blockquote>\n

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\u201cPayments from Binance are prohibited. The ban does not extend to other crypto exchanges, but any credit may be subject to scrutiny,\u201d added the bank.<\/p>\n<\/blockquote>\n

The support team could not provide a detailed explanation of such a directive:<\/p>\n

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\u201cThere is no possibility to comment. The ban is a bank decision.\u201d<\/p>\n<\/blockquote>\n<\/div>\n

According to Binance users, P2P transactions by cards with Monobank are currently proceeding as usual.<\/p>\n

In a ForkLog UA comment, a Binance representative reminded that at the end of April the National Bank of Ukraine, in order to reduce capital outflows from the country, restricted cryptocurrency purchases<\/a> up to 100,000 hryvnias per person per month.<\/p>\n

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\u201cProbably some banks simply lack the technical ability to monitor the limit, so they block all crypto operations, fearing to breach the restriction. This affects both direct purchases of cryptocurrency (quasi-cash) and P2P. Binance has not imposed any restrictions,\u201d emphasized the exchange’s representative.<\/p>\n<\/blockquote>\n

PrivatBank clients also reported a similar issue with direct withdrawals to hryvnia cards. ForkLog UA sent a request to the company\u2019s press service.<\/p>\n

As reported, since 16 March PrivatBank temporarily prohibited its clients from depositing hryvnias into cryptocurrency exchanges. According to the statement, the restriction is related to the National Bank of Ukraine’s decision and applies during martial law. The ban did not affect Ukrainian Bitcoin exchanges.<\/p>\n

At the same time, Monobank told ForkLog UA that cross-border transfers are restricted, but within Ukraine, hryvnia operations should face \u201cno difficulties.\u201d<\/p>\n

In February 2022, the Verkhovna Rada of Ukraine passed the Law on Virtual Assets<\/a>, which regulates cryptocurrency turnover within the country. The document, despite the signature of President Volodymyr Zelensky<\/a>, will come into force only after changes to the Tax Code are adopted.<\/p>\n

Read ForkLog bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices, and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ukrainian Monobank explained restrictions on withdrawals from cryptocurrency exchanges.<\/p>\n","protected":false},"author":1,"featured_media":62741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,1227,686,16,1479],"class_list":["post-62740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-cryptocurrency-transactions","tag-sanctions","tag-ukraine","tag-ukrainian-hryvnia"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/62740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=62740"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/62740\/revisions"}],"predecessor-version":[{"id":62742,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/62740\/revisions\/62742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/62741"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=62740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=62740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=62740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}