Binance suspends hryvnia operations through Fiat Trade and removes USDT/UAH

Cryptocurrency exchange Binance will stop accepting deposits and withdrawals of Ukrainian hryvnia through the Fiat Trade UAH service and will close spot trading in the USDT/UAH pair. This was announced by Binance.

Both changes will take effect on September 28 at 10:00 Kyiv time. After that, hryvnia deposits and withdrawals via Fiat Trade UAH will no longer be supported, and USDT/UAH spot trading will be halted.

Binance will automatically cancel all open orders in the USDT/UAH trading pair after trading ends. Binance recommends users to check their hryvnia balances and open orders before the deadline.

Hryvnia remaining on the relevant balances after the suspension of operations will not disappear. Binance will automatically convert such funds into the USDT stablecoin by September 30 at 19:00 Kyiv time.

For the conversion, the exchange set a fixed rate of 1 USDT = 46.5 UAH. Users who are satisfied with automatic conversion at this rate do not need to take any additional action.

For example, a balance of 4,650 UAH will be converted into 100 USDT. However, users who do not want automatic conversion must manually dispose of the corresponding hryvnia balance before the deadline set by Binance.

The reasons for suspending Fiat Trade UAH and delisting the USDT/UAH pair are not explained in Binance's announcement.

However, the announcement does not mean a complete cessation of Binance's operations with the Ukrainian hryvnia. The exchange has not separately announced the closure of UAH operations on the P2P platform.

Moreover, in September Binance is running a campaign for P2P merchants, in which the Ukrainian hryvnia remains among the supported fiat currencies. Another P2P campaign for new users also involves UAH operations and will run until October.

Therefore, it currently concerns the closure of a specific fiat operation channel - Fiat Trade UAH - and the suspension of spot trading of hryvnia against USDT, not a complete abandonment of the hryvnia by Binance.

Based on materials from: Binance, Binance P2P