Cryptocurrency exchange Binance enters Ukraine

Binance, one of the world’s largest cryptocurrency trading platforms, has officially announced that it is going to cooperate with the Ukrainian authorities. The company also plans to open an office in Ukraine by the end of the year. Today this cooperation was discussed on the official meeting “Why does Ukraine need blockchain and legalization of cryptocurrency?” organized by Gorshenin Institute.

On November 6, 2019, representatives of the company and the Ministry of Digital Transformation of Ukrainian signed a memorandum of understanding. Thus, the company promised to help establish the legal status of virtual assets and cryptocurrencies in the country.

Under the agreement, the Ministry and Binance will set up a working group to develop a strategy for the implementation of blockchain technologies and the creation of new virtual assets/cryptocurrencies in Ukraine.

According to Minister Mykhailo Fedorov, the signing of the agreement means that the Ukrainian market is opened for the exchange:

“Thanks to this step, both Ukrainians and global cryptocurrency companies will be able to operate in Ukraine openly and transparently.”

Artem Afian, Managing Partner at Juscutum Attorneys Association, who participated in the preparation of this initiative, told AIN.UA that the company intends to open an office in Ukraine by the end of the year.

Binance plans to enter the Ukrainian market by the end of the year. We presented the company with a bill on cryptocurrencies, and it has seen that it will be comfortable to operate in the Ukrainian market following such norms. Over time, a part of the world’s transactions (blockchain hubs) may transfer to Ukraine,” he said.

At the end of this October, the inter-factional parliamentary association Blockchain4Ukraine presented two bills and one amendment on the legalization of cryptocurrencies and the implementation of blockchain in Ukraine’s state registries.