What happened to the oldest crypto exchange in Ukraine

Cryptocurrency exchange Kuna has ceased operations in Ukraine. The site’s domain name was blocked following an order from the State Service of Special Communications.

The relevant information was published on the website of the State Agency.

As reported, the Ukrainian users have already lost access to the platform. The cryptocurrency exchange was shut down at the request of the Shevchenkivskyi District Court in Kyiv. Earlier, Kuna’s activities attracted the interest of experts from the Bureau of Economic Security.

The publication Antikor suggests that the restrictions against the cryptocurrency platform were imposed due to suspicions that its users were engaged in illegal activities, namely

• laundered money;
• conducted illegal financial transactions;
• avoided financial control.

At the same time, Kuna founder Mykhailo Chobanian wrote on his Telegram channel that the company had not been warned about the possible suspension. The businessman learned about the blocking from the crypto exchange's users.

"Our entire infrastructure is located on servers in Europe, so it was users from Ukraine who lost access," he wrote.

According to him, the court did not summon any of the company’s representatives to the hearing. Therefore, the exact reason for the sanctions against the crypto exchange is currently unknown.

"We are actively investigating what is happening. As soon as we find out more information, we will immediately report it," Chobanian wrote.

As a reminder, cryptocurrencies may be legalized in Ukraine as early as 2025. However, crypto businesses should not expect to receive any special conditions for their operations. 

We also said that by 2030, the bitcoin rate could soar to $1 million. According to Katie Wood, CEO of ARK Invest, bitcoin is a unique asset.