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Binance's arrival in Ukraine to send message to whole world – official

"Binance is not just an exchange, it is a daily turnover of 1bn dollars."

Binance's arrival in Ukraine to send message to whole world – official
Oleksandr Bornyakov
Photo: Max Trebukhov

The arrival of the Binance cryptocurrency exchange in Ukraine offers a large number of advantages for our country and sends a positive signal to the whole world, Deputy Minister of Digital Transformation of Ukraine Oleksandr Bornyakov has said at a roundtable "Why does Ukraine need to use blockchain and legalise cryptocurrency?" hosted by Gorshenin Institute. 

“Binance is not just a stock exchange, it is a daily turnover of 1bn dollars. If we compare it with the interbank exchange, the former is three times bigger. There are offices around the world, infrastructure, a startup incubator for all crypto projects. This means allocation of funds to improve the state infrastructure in terms of blockchain and support for cryptocurrencies, they will help us learn. We agreed that they would open a legal entity in Ukraine through which they would carry out activities for Ukrainian holders of cryptocurrency. The exchange interface already supports the Ukrainian language and hryvnya. This is the world's most advanced institution in terms of crypto-regulation and crypto business. Any ICO dreams of being on this exchange. This will really send the message to the whole world," Bornyakov said. 

He added that negotiations were underway with Ukrainian banks that could take over the maintenance of the cryptocurrency exchange. 

“We are now in talks with Oschadbank and a couple of banks to take care of Binance's maintenance. We expect that part of their turnover will come here - these are microtransactions, fees for the bank that will service them, these are taxes. And this is an opportunity for Ukrainians to buy and sell cryptocurrency without any problems. Binance's arrival in the country changes crypto industry players' attitude to the country," he pointed out.


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