Ukraine Shuts Down Kuna, Its First Crypto Exchange – Here’s What Happened

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.

bitcoin
Bitcoin (BTC) $ 95,802.67
ethereum
Ethereum (ETH) $ 2,605.10
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.42
solana
Solana (SOL) $ 198.07
bnb
BNB (BNB) $ 643.81
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.253511
cardano
Cardano (ADA) $ 0.780316
staked-ether
Lido Staked Ether (STETH) $ 2,602.08
tron
TRON (TRX) $ 0.241213
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,679.64
chainlink
Chainlink (LINK) $ 18.64
avalanche-2
Avalanche (AVAX) $ 25.38
wrapped-steth
Wrapped stETH (WSTETH) $ 3,106.22
sui
Sui (SUI) $ 3.32
stellar
Stellar (XLM) $ 0.319135
the-open-network
Toncoin (TON) $ 3.75
shiba-inu
Shiba Inu (SHIB) $ 0.000016
leo-token
LEO Token (LEO) $ 9.82
litecoin
Litecoin (LTC) $ 119.75
hedera-hashgraph
Hedera (HBAR) $ 0.229107
usds
USDS (USDS) $ 0.999850
hyperliquid
Hyperliquid (HYPE) $ 23.48
weth
WETH (WETH) $ 2,604.41
bitget-token
Bitget Token (BGB) $ 6.34
polkadot
Polkadot (DOT) $ 4.81
bitcoin-cash
Bitcoin Cash (BCH) $ 331.49
ethena-usde
Ethena USDe (USDE) $ 1.00
mantra-dao
MANTRA (OM) $ 5.82
uniswap
Uniswap (UNI) $ 9.37
wrapped-eeth
Wrapped eETH (WEETH) $ 2,758.46
ondo-finance
Ondo (ONDO) $ 1.33
monero
Monero (XMR) $ 223.20
pepe
Pepe (PEPE) $ 0.000010
whitebit
WhiteBIT Coin (WBT) $ 27.31
near
NEAR Protocol (NEAR) $ 3.21
aave
Aave (AAVE) $ 244.40
dai
Dai (DAI) $ 0.999842
mantle
Mantle (MNT) $ 1.02
internet-computer
Internet Computer (ICP) $ 7.10
aptos
Aptos (APT) $ 5.88
bittensor
Bittensor (TAO) $ 411.95
susds
sUSDS (SUSDS) $ 1.04
official-trump
Official Trump (TRUMP) $ 15.35
ethereum-classic
Ethereum Classic (ETC) $ 20.27
okb
OKB (OKB) $ 50.67
gatechain-token
Gate (GT) $ 21.89
vechain
VeChain (VET) $ 0.033175
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.307486