Ukraine demands local crypto businesses to provide financials
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.
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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.
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Sir Keir Starmer is under increasing pressure to recognise a Palestinian state, with MPs signing a mass cross-party letter demanding he take the step.
The letter is being organised by the Labour backbencher Sarah Champion, who also sits as the International Development Committee Chair.
Politics Live: Starmer to have ’emergency’ Gaza call with France and Germany
They write: “British recognition of Palestine would be particularly powerful given its role as the author of the Balfour Declaration and the former Mandatory Power in Palestine”.
“Since 1980 we have backed a two-state solution. Such a recognition would give that position substance as well as living up to a historic responsibility we have to the people under that Mandate.”
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‘Many more deaths unless Israelis allow food in’
Earlier this month, nearly 60 Labour MPs called on David Lammy and the Foreign Office to immediately recognise Palestine as a state in a private letter, but this new call shows how dissatisfied many still are with the government’s refusal to change its stance on the issue.
Late last night Number 10 released a statement on Gaza calling the situation “unspeakable and indefensible,” but a growing number of Labour backbenchers fear it’s not enough.
Read more:
British surgeon claims IDF shooting Gazans in specific areas
France to become first G7 nation to recognise Palestine as a state
Dozens of MPs call for UK to recognise Palestine as a state
In light of a tweet by the French President Emmanuel Macron also sent last night declaring France would recognise a Palestinian state in September at a UN conference, a number of MPs now say Number 10’s current position is untenable.
“They had said they wanted to be in lockstep with allies, but this means that position won’t hold,” said one Labour MP.
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Emily Thornberry has told Sophy Ridge that it’s “insulting” that the Israeli government rejected a statement calling for a ceasefire.
Peter Kyle, the technology secretary, this morning defended the government’s resistance to calls for immediate UK recognition of a Palestinian state.
“We want Palestinian statehood. We desire it, and we want to make sure the circumstances can exist where that kind of long-term political solution can have the space to evolve and make sure that it can become a permanent circumstance that can bring peace to the entire region,” he told Sky News.
“But right now, today, we’ve got to focus on what will ease the suffering, and it is extreme, unwarranted suffering in Gaza that has to be the priority for us today.”
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Aid waiting to be distributed in Gaza
An emergency call with Germany and France is scheduled for today to discuss what Sir Keir described as a “human catastrophe” which has “reached new depths”.
The Foreign Office have maintained they are committed to recognising a Palestinian state but have expressed a willingness to do so only when it will have the “most impact in support of a peace process”.
They say: “We continue to provide lifesaving aid to support Palestinians in Gaza and the West Bank, and to work closely in support of the Palestinian Authority.”
A Downing Street spokesperson also confirmed their position on Palestinian statehood remains unchanged.
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