LocalBitcoins, the biggest peer-to-peer Bitcoin (BTC) exchange globally, has stated that until further notice is given, it will waive all fees for its Ukrainian users, both domestically and abroad.
On March 1, the statement was made via Twitter, along with a detailed breakdown of what it implies for the marketplace’s users of Ukraine.
🔹 A free Bitcoin wallet for all Ukrainians in Ukraine & abroad.
🔹 Receiving Bitcoin in Ukraine from anywhere in the world is extremely fast & with no fees.
🔹 Converting donated Bitcoin to Ukrainian Hryvnia is fast with no fees.
— LocalBitcoins (@LocalBitcoins) March 1, 2022
Users from Ukraine will receive a free Bitcoin (BTC) wallet irrespective of their whereabouts, as well as the opportunity to accept Bitcoin (BTC) in Ukraine instantaneously and for free from anywhere in the world. Users will have the option to quickly exchange the accepted Bitcoin (BTC) to Ukrainian Hryvnia.
“LocalBitcoins’ core value is freedom. We understand that at the moment Ukraine is facing extremely challenging times. For this reason, LocalBitcoins has removed all fees from its Ukrainian users,” said the Chief Marketing Officer of LocalBitcoins, Jukka Blomberg.
The trading volume of the Ukrainian Hryvnia has reached new highs in the cryptocurrency market as an effect of this statement and additional favorable developments. The impressive effects were observed not only on LocalBitcoins and Binance, but also on Kuna, a popular Ukrainian exchange.
The ruling by the exchange is only one of the most recent examples of the surge of sympathy for the Ukrainian citizens as they fight to cope with Russia’s escalating invasion.
One of the challenges exacerbated by the fighting is that Ukrainians no longer have access to traditional banking systems, forcing them to rely more heavily on crypto.