TL;DR
- Binance will close direct Hryvnia deposits and withdrawals and end USDT/UAH spot trading on September 28.
- Eligible UAH balances will convert automatically at 46.5 Hryvnia per USDT by September 30.
- The move follows two earlier reductions in Binance services for Hryvnia users. P2P trading remains available.
Binance will close its direct Hryvnia market on September 28 and convert leftover UAH balances into USDT. USDT is a stablecoin, a crypto token that Tether issues to track the US dollar. On September 24, the USDT/UAH pair’s 24-hour volume stood at about 125,000 USDT, with the last price at 46.57 Hryvnia.
The National Bank of Ukraine set its official rate for that day at 44.86 Hryvnia per dollar. The Binance market priced the dollar about 3.8% higher.
Deadlines for UAH balances and orders
Binance published the notice on September 23. Deposits and withdrawals through Fiat Trade UAH end at 09:00 UTC+2 on September 28, or 10:00 in Kyiv. Fiat Trade is the service that moves Hryvnia between a payment method and a Binance account.
The USDT/UAH pair stops trading at the same time, and Binance will remove all open orders. By 18:00 UTC+2 on September 30, Binance will convert remaining eligible UAH balances at 46.5 Hryvnia per USDT. The notice does not define which balances count as eligible.
How the fixed rate compares with the market
The 46.5 rate sits just below the last traded price of 46.57. At the fixed rate, 100,000 Hryvnia converts to about 2,150 USDT. The same sum spent at 46.57 would buy about 2,147 USDT, before trading fees.
Sell orders on the September 24 order book thinned to about 250 USDT per price step above that level. A large purchase would climb through those steps and pay more per coin.
At those prices, the automatic conversion gives Hryvnia holders slightly more USDT than a spot purchase. Users who want to avoid the conversion must withdraw their Hryvnia via Fiat Trade before the September 28 deadline.
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Binance’s explanation
Binance’s notice gave no reason for the closure. A company representative told Ukrainian crypto publication Incrypted that the decision followed a regular review of products and services. The review weighed market conditions, user demand and operational factors, according to the representative.
Before the announcement, daily USDT/UAH volume on Binance’s chart stayed below 50,000 USDT on most days.
Third Hryvnia change since December
The September closure follows two earlier cuts to Binance’s Hryvnia services. From December 29, Binance stopped withdrawals to Visa and Mastercard cards for Ukrainian users. Reports at the time tied the halt to the closure of Bifinity UAB, Binance’s fiat payment provider, after regulatory changes. Binance said the change had no connection to the National Bank of Ukraine.
On January 27, Binance removed BTC/UAH as part of a batch of 21 spot pairs. The exchange cited poor liquidity and trading volume for that batch.
P2P Hryvnia trading
The same representative said the September changes leave peer-to-peer (P2P) trading in Hryvnia untouched. On Binance P2P, buyers and sellers pay each other directly while the platform holds the crypto until settlement.
The statement to Incrypted covers the current changes, which leaves P2P’s place in future Binance reviews open.
