Kyiv, February 1, 2025 – Kuna, Ukraine’s first and most influential cryptocurrency exchange, has officially shut down after authorities unexpectedly blocked access to its platform. The move, which took users by surprise, was enforced by the State Service of Special Communications and Information Protection, following a court order from the Shevchenkivskyi District Court in Kyiv and a request from the Bureau of Economic Security.
Despite playing a pivotal role in crypto adoption in Ukraine since its launch in 2014, Kuna was abruptly banned without prior notice, leaving many in the Ukrainian crypto community searching for answers.
What Led to the Ban?
Kuna’s founder and CEO, Michael Chobanian, first learned about the ban not from the government, but through Telegram messages from users reporting issues accessing the platform. It soon became clear that Ukrainian internet providers had started blocking Kuna’s domain and subdomains based on government orders.
According to official documents, the restriction will remain in place until martial law is lifted in Ukraine, but no specific reason for the ban has been disclosed. Speculation, however, is growing.
Allegations of Corruption and Tax Evasion
Chobanian has suggested that the ban was politically motivated, claiming that Ukrainian law enforcement had pressured him for kickbacks. He particularly pointed to the Bureau of Economic Security, stating that officials aggressively pursued payments under the pretense of supporting the national economy.
Meanwhile, reports indicate that Kuna is under investigation for tax evasion, with the Bureau alleging that a forensic audit uncovered intentional financial misconduct. Authorities claim that potential losses to the state could total 50 million hryvnia (around $1.3 million).
Despite the allegations, Chobanian maintains that the government’s hostility toward crypto businesses, coupled with restrictive regulations from the National Bank of Ukraine, has been pushing digital asset firms out of the country.
Kuna Shuts Down, Users Have 2 Months to Withdraw Funds
On January 30, 2025, Chobanian announced that Kuna would permanently shut down all commercial operations. He has given users a two-month window to withdraw their remaining funds before the platform ceases all activity.
This decision marks the end of an era for Ukraine’s crypto community. Kuna was not just another exchange—it was a key player in Ukraine’s crypto revolution. The platform facilitated trading for Bitcoin and Ethereum and was instrumental in raising over $100 million in crypto donations for Ukraine’s military in early 2022 through a partnership with the Ministry of Digital Transformation.
Despite the challenges, Chobanian is not walking away from the crypto space. He has hinted at new projects focused on governance, referring to a model he calls “symbiocracy.” He has also expressed optimism about the growing influence of Bitcoin under the Trump administration, suggesting that the global crypto landscape is shifting.
What’s Next for Ukraine’s Crypto Market?
The shutdown of Kuna raises serious concerns about the future of cryptocurrency in Ukraine. The country had once positioned itself as a leader in crypto adoption, but government crackdowns and regulatory uncertainty now threaten its progress.
As Kuna winds down operations, many Ukrainian traders are looking toward European exchanges and decentralized platforms to continue their crypto activities. Meanwhile, the broader crypto industry will be watching closely to see how Ukraine’s stance on digital assets evolves in the coming months.
Is Ukraine’s crypto crackdown just beginning, or will the government reconsider its stance? Only time will tell.