The Ukrainian government has recently made a request to several local cryptocurrency firms for their financial information, according to the National Bank of Ukraine (NBU). Kuna, CoinPay, GEO Pay, and Qmall have been asked to provide financial statements for the first two quarters of 2023, with a deadline of seven days.
The news of the NBU’s request was shared by Michael Chobanyan, the founder and CEO of Kuna exchange. He referred to a document distributed by the Ukrainian Telegram news channel, Politics of the country. The document also revealed that the NBU requested data on operating volumes and information related to the receipt and transfer of funds. Additionally, the Ukrainian crypto firms were asked to issue statements for all accounts dating back to the beginning of 2023.
Chobanyan confirmed the NBU’s request on his own Telegram channel but expressed uncertainty about the motives behind this action. He argued that such information had never been required in Ukraine before, citing searches carried out in exchanges over the past two weeks. These searches were allegedly triggered by the NBU, Ministry of Internal Affairs, and the Security Service of Ukraine. According to Chobanyan, more searches and exchanges are expected in the future.
Chobanyan further revealed that Kuna exchange had left the business-to-customer market in Ukraine in March 2023 due to what he called “predatory actions” by the NBU. He claimed that the National Bank had intentionally disabled important payment channels, such as card payments for crypto transactions, a few months ago. As a result, Kuna’s exchange volumes decreased significantly by approximately 90% in recent months. Chobanyan also mentioned that Kuna had previously faced a similar situation in the Russian market, which caused a 60% loss in volumes.
Despite the apparent hostility from Ukrainian authorities towards the crypto industry, Chobanyan believes that there may be some benefits to be gained from the government’s recent actions. He stated that Kuna has shifted its focus to the European and business-to-business markets. The exchange recently introduced the crypto-acquiring service KunaPay. Chobanyan speculated that the NBU’s actions might be motivated by concerns over the potential launch of this service in Ukraine.
In response to the news, the NBU accepted a request for comment from Cointelegraph but has not yet provided a response. The situation remains ongoing, and any updates will be reported accordingly.
In conclusion, the Ukrainian government has approached local cryptocurrency firms, requesting their financial statements and other related information. These demands have caused some businesses to alter their market focus, while others have experienced a significant decrease in trading volumes. The motives behind the government’s actions remain unclear, and the industry will continue to monitor the situation.