🌎 Ukraine Blocks Country’s First Crypto Exchange

Ukraine Blocks Access to Country’s First Crypto Exchange, Kuna

Ukrainian authorities have taken a drastic measure against the country’s pioneering crypto exchange, Kuna. The platform, operational since 2014, has been blocked by Ukraine’s internet service providers, following an order from the State Service of Special Communications and Information Protection.

Background of the Block

The order, which cites a decision by the Shevchenkivskyi District Court of Kyiv and a request from Ukraine’s Bureau of Economic Security, does not provide a clear explanation for the restriction. However, it states that the block will remain in effect until martial law in Ukraine is lifted.

Kuna’s History and Significance

Kuna was founded in 2014 and has played a crucial role in facilitating cryptocurrency adoption in Ukraine. The platform has enabled users to trade popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). In 2022, Kuna partnered with Ukraine’s Ministry of Digital Transformation to create a Crypto Fund for Ukraine, which accumulated over $100 million worth of crypto donations to support the Ukrainian army.

Reaction from Kuna’s Founder

Michael Chobanian, Kuna’s founder and CEO, expressed his concerns about the block on Telegram. He stated that most internet providers in Ukraine had already enforced the block, and it was only a matter of time before the remaining telecom operators followed suit. Chobanian also pointed out that neither he nor anyone from Kuna was invited to court for the decision.

“Unfortunately, I didn’t manage to meet with all the [law enforcement] agencies. I’m familiar with all the law enforcement officers in Ukraine, except for the Economic Security Bureau of Ukraine.”

Allegations of Tax Evasion

According to Ukrainian news outlets, the Economic Security Bureau of Ukraine is investigating Kuna for alleged tax evasion. Officials reportedly claim a forensic audit confirmed “intentional tax evasion,” leading to a court decision to block the platform.

Kuna’s Closure and Future Plans

Following the block, Chobanian announced that Kuna would shut down all its commercial operations. He expressed his desire to focus on symbiocracy, a government model that uses artificial intelligence and nature to manage interconnected systems. Chobanian also urged the community to focus on global trends and pointed to the growing interest in Bitcoin from the Trump administration.

“Crypto enthusiasts in Ukraine don’t need to be told how to use crypto freely, so we are watching the crypto revolution in the U.S., Bitcoin being added to foreign exchange reserves, and the price of the TRUMP memecoin.”