One of the world's largest cryptocurrency exchanges, Binance, has announced that it is dropping support for the Ukrainian hryvnia. This was reported by RBC-Ukraine, citing an official statement from the platform. The changes affect the USDT/UAH trading pair, open orders on it, and the hryvnia balances in users' accounts. For the Ukrainian audience, which actively used the hryvnia as a fiat currency for entering and exiting crypto, this decision means they need to urgently review their financial operations on the platform.

What exactly is Binance closing

According to the outlet, the exchange is removing the USDT/UAH trading pair: all open orders on it will be automatically cancelled. In addition, as specialized crypto sources clarify, operations involving the hryvnia via the Fiat Trade service are being discontinued — the tool through which users could top up and withdraw fiat funds. As a result, the hryvnia "fiat" layer on Binance is effectively being shut down, and the platform is reducing its UAH support to zero.

Deadlines and the conversion rate

The key parameter for users is the fixed conversion rate for hryvnia balances, which, according to the statement, stands at 46.5 hryvnia per dollar. The exchange advises users not to wait for automatic actions and to manage their funds and open orders themselves before the set deadlines. A practical benchmark for independently withdrawing and closing positions is September 28, while this option is still available, whereas the automatic conversion of balances, per the statement, will be completed by September 30. In other words, users have a few days to avoid relying on automation and to withdraw or convert their funds at their own discretion.

Contradictory data

There is an inconsistency in the publications on the topic regarding exactly which currency the hryvnia balances are converted into. In the statement cited by RBC-Ukraine, the conversion is into US dollars (USD) at a rate of 46.5 UAH/USD. At the same time, a number of sources (in particular, sud.ua) state in their headline that UAH balances are converted into USDT at the same rate of 46.5. The fact of the hryvnia being closed and the USDT/UAH pair being removed is confirmed by all sources, however, the target currency for automatic conversion differs across materials — USD versus USDT. Until Binance clarifies the matter, users should rely on the official notifications in their personal accounts rather than on media headlines alone.

Tax context for the Ukrainian user

It is worth separately reminding users of the fiscal consequences. There is no separate law on cryptocurrency taxation in Ukraine as of the time of publication, so profits from the sale of digital assets are taxed as ordinary income of an individual: 18% personal income tax plus a 5% military levy, for a total of 23%. This means that even when closing hryvnia positions and converting into another currency, the user is obliged to account for the declaration of income from crypto assets. Binance's decision does not change the tax rules, but it makes timely documentation of transactions even more relevant.

Bottom line

Binance's decision to drop the hryvnia is part of a broader trend among major exchanges to reduce support for certain fiat currencies in favor of stablecoins and the dollar. For the Ukrainian user, this is not a catastrophe, but it requires action within a tight timeframe: close orders, withdraw or convert UAH by September 28, and record the rate of 46.5 for tax purposes. The main thing is not to wait for automatic conversion and to check exactly which currency (USD or USDT) the platform will credit the balance to, by verifying against the official notification.