Ukrainian Government Demands Financial Data from Crypto Sector, Prompting Crypto Firms to Exit

Ukrainian cryptocurrency firms are being compelled by the government to disclose their financial data. The National Bank of Ukraine (NBU) has sent a document to crypto companies, requesting information about their operational volumes, as well as details regarding the receipt and transfer of funds. Furthermore, the firms have been asked to provide statements for all accounts since the beginning of 2023. As a result, several crypto companies, including Kuna exchange, have decided to exit the Ukrainian market. Kuna exchange CEO Michael Chobanyan referred to the NBU’s actions as predatory, and stated that the government’s intentions are unclear. Chobanyan revealed that the first wave of searches at exchanges in Kiev and across Ukraine has already taken place, with more expected to occur. The government’s demands have caused concern within the crypto sector and have prompted firms to reassess their presence in the Ukrainian market.