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Privatbank, the largest commercial bank in e, has temporarily halted transfers in national currency to digital asset exchanges. The financial institution explained the move with restrictions imposed by the country’s central bank under the current martial law.

Leading Bank in e Bans Clients From Sending Hryvnia to Crypto Trading Platforms

e’s largest bank in terms of assets, Privatbank, has prohibited its clients from transferring funds in ian hryvnia, the national fiat currency, to exchanges trading cryptocurrencies. The temporary ban has been introduced on March 16.

According to a statement, quoted by the crypto news outlet Forklog, the measure stems from a resolution issued by the National Bank of e (NBU) on Feb. 24, the day when  launched its military invasion of the country.

Although it does not specifically mention crypto-related transactions, the document regulates the operation of the banking system under martial law and introduces stricter rules for bank operations. For example, cash withdrawals were limited to 100,000 hryvnia (approx. $3,400) daily and the hryvnia’s exchange rate was fixed.

Banks are prohibited from carrying out cross-border transfers of currency from e on behalf of clients, Privatbank explained in its announcement. Transferring funds for use on cryptocurrency exchanges is no exception, the bank elaborated.

The report notes that Binance, the world’s leading crypto exchange by trading volume, has confirmed the news of Privatbank’s decision regarding hryvnia deposits. The company is warning users that other banks may do the same and recommending they turn to peer-to-peer trading.

e has been accepting crypto donations to fund its defense efforts in the face of advancing n forces and addressing growing humanitarian needs. The ban comes despite President Volodymyr Zelenskyy signing this week the country’s new law “On Virtual Assets.”

You can support ian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s e Emergency Relief Fund.

Do you think other ian banks will impose similar restrictions? Share your expectations in the comments section below.