Ukrainian banks have restricted the withdrawal of funds from crypto exchanges to cards. We tell you what happened

On June 10, the Ukrainian media space began discussing restrictions from banks to withdraw funds from cryptocurrency exchanges. Users complained that they could not perform operations. DOU understood why the restriction appeared, which banks and crypto exchanges it concerns, and how to get money now.

The main thing is what happened? On June 10, a number of Ukrainian media reported that Monobank does not allow withdrawing funds from cryptocurrency exchanges to cards. In addition, the reports said that the restriction allegedly applies only to the Binance crypto exchange, and it is nothing more than a "bank decision". So can't the funds really be withdrawn? Yes, DOU checked it out. Moreover, the restriction applies not only to Monobank, but also to PrivatBank, Neobank, for example.Monobank explains this decision by NBU Resolution No. 18 of April 20, 2022, according to which the bank stops (returns) incoming and outgoing transfers in foreign currency if there is a suspicion that they are related to activities prohibited in Ukraine. What do Monobank say? "If the withdrawal of funds is carried out as a swift/SEPA transfer from a brokerage or investment company (or if it takes place as a quasi-cash purchase), the operation will be rejected," Monobank explained. Restrictions apply only to Binance? No. Monobank's support team says that no restrictions were imposed on Binance on their part. "Swift/SEPA transfers from brokers or other investment companies are limited," they added. How do I withdraw funds from a crypto exchange? Monobank recommends trying to withdraw funds using the P2P scheme. After all, in this case, the restrictions do not apply. Details

NBU Resolution No. 18 of April 20, 2022 concerns, in particular, transfers "received as a result of the purchase and sale of one foreign currency for another foreign currency in order to profit from changes in the exchange rate (forex transactions), as well as transfers with electronic currency." The NBU explained that these operations should be interpreted "as leading to an unproductive withdrawal of capital from the country."

DOU also asked Monobank, PrivatBank and Binance for additional comments. As soon as we receive answers, we will update the material.