Bank AI

Gary

The Ukrainian government has made a recent request to obtain financial information from local cryptocurrency companies. 
The National Bank of Ukraine (NBU) has reached out to four crypto firms, including Kuna, CoinPay, GEO Pay, and Qmall, demanding financial statements for the first two quarters of 2023. 
These crypto businesses have been asked to provide the required financial data within seven days of the request. 
The NBU’s demand for information goes beyond just financial statements; they have also requested data on the operating volumes of these crypto firms and information about the receipt and transfer of funds. 
Additionally, the NBU has asked the companies to issue statements for all accounts starting from the beginning of 2023. 
Michael Chobanyan, the founder and CEO of Kuna exchange, shared this news with the public. He referred to a document distributed by the Ukrainian Telegram news channel, Politics of the country, as the source of the information. 
Chobanyan confirmed the authenticity of the NBU’s request on his own Telegram channel, but he expressed uncertainty about the reasons behind the latest action from the NBU. 
Chobanyan criticized the NBU’s actions, claiming that there was no precedent for such actions in Ukraine. 
 He also mentioned that Kuna exchange had previously left the business-to-customer market in Ukraine due to what he described as “predatory actions” by the NBU. 
These actions caused a significant drop in exchange volumes for the company. 
Despite the Ukrainian government’s apparent hostility towards the crypto industry, Chobanyan sees a silver lining in the situation. 
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He stated that Kuna would now focus on the European market, particularly the business-to-business (B2B) sector. 
He pointed out that Kuna recently launched a crypto-acquiring service called KunaPay, which might have influenced the NBU’s actions. 
However, the NBU has not yet provided any clarifications or comments regarding its recent request for financial information from the crypto firms. 
As the situation develops, this article will be updated to include any new information or statements from the NBU. 
In summary, the Ukrainian government’s National Bank has requested financial information from several local cryptocurrency companies, raising questions about its motives and impact on the crypto industry in the country. 
While there are concerns about the NBU’s actions, some companies like Kuna see this as an opportunity to focus on the European B2B market. 
The NBU’s response to these developments remains pending. 
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Ukrainian Government Demands Financial Information from Crypto Firms

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