The government of Ukraine has recently approached the local cryptocurrency industry with a new request to provide certain financial information.
The National Bank of Ukraine (NBU) had demanded four local crypto firms — Kuna, CoinPay, GEO Pay and Qmall — to provide financial statements for the first two quarters of 2023. The NBU has demanded the crypto businesses to provide the financials within seven days.
Kuna exchange founder and CEO Michael Chobanyan shared the news about the latest NBU’s request on July 3, citing a document distributed by the Ukrainian Telegram news channel “Politics of the country.”
According to the document, the NBU also demanded the crypto businesses to provide data on operating volumes as well as information about reception and transfer of funds. The NBU also requested the Ukrainian crypto firms to issue statements for all accounts from the beginning of 2023.
Kuna CEO Chobanyan subsequently confirmed the news on his own Telegram channel, hinting that the reasons for the latest action from the NBU are unclear.
“There is no such information in Ukraine and has never been,” Chobanyan argued, adding that searches taught him that back in 2015, before the launch of Kuna. He went on to say that that the direction of the “so called” government is clear, adding:
“Over the past two weeks, the first wave of searches in exchanges took place in Kiev and across Ukraine, which were triggered by the actions of the NBU, Ministry of Internal Affairs, and the Security Service of Ukraine. […] There will be more searches and exchanges.”
Chobanyan told Cointelegraph that Kuna exchange left its business-to-customer market in Ukraine in March 2023 due to “predatory actions” by the NBU.
“They are very consistent in killing the potential of my country in crypto and Web3 space,” Chobanyan said, noting that Kuna’s exchange volumes have shrunk 90% over the past few months. Previously, Kuna lost about 60% of its volumes when it had to leave the Russian market after Feb. 24, 2022, the CEO told Cointelegraph.
Despite Ukrainian authorities allegedly getting more hostile to the crypto industry, Chobanyan still sees some benefits in the recent action from the government.
“Now we focus on Europe and especially the b2b market,” he said, adding that Kuna recently launched the crypto acquiring service KunaPay. “I do not know whether it’s related to the fear that we will launch this service in Ukraine or not,” Chobanyan said.
“I am grateful to the NBU for stimulating me being a successful European company rather than a niche Ukrainian player,” he added.
The NBU accepted Cointelegraph’s request for comment but did not immediately respond to it. This article will be updated pending new information.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.