By Alicia Maher
Ukraine’s security service (SBU) has terminated the operations of several cryptocurrency exchanges as it has been doing since the beginning of this year. The SBU bulletin in which the announcement was made stated that the exchanges that were shut down were those using digital assets for fraudulent purposes.
Most Kyiv-Based Crypto Exchanges Are Fraudulent
Part of the statement also states that “most of these exchanges have formed a secret network in Kyiv and process illegal funds worth around $1.2 million every month.” The statement further revealed that these exchanges had become a money laundering risk because they also offered anonymous payment settlements.
The agency even claimed that part of the funds used to sponsor protests in various parts of Ukraine was obtained through these means. The SBU also claimed that it had traced most of these funds to banned e-wallets like Yandex, Web money, Qiwi, and other Russian payment solution providers.
The announcement further revealed that when the SBU agents raided the platform’s physical offices, they retrieved various equipment and documents that proved these exchanges were indeed running an illegal operation.
Ukraine’s Cryptocurrency Struggles
Before this raid and shutdown on crypto exchanges, Ukraine’s SBU raided a suspected warehouse that was alleged to have used PlayStation consoles to divert electricity for crypto mining purposes. But a local newspaper, Delo, argued otherwise, stating that the warehouse wasn’t being used for crypto mining purposes but for creating in-game currency.
Also, there are confirmed reports that the country’s authorities are about to legalize crypto payments. But it remarked that the Hryvnia would remain the recognized legal tender in the country.
In a similar vein, Ukraine’s apex bank has announced that it has received an official letter to develop and issue a national digital currency. The bank further revealed that it would collaborate with the country’s stellar development project and the ministry of digital transformation to issue Ukraine’s official central bank digital currency (CBDC).
Soldex To Empower Crypto Users With AI-Powered Trading Bots
In other news, Solana-built Soldex exchange has announced that its AI-powered trading bots will help cryptocurrency traders develop a personalized trade algorithm. Thus, they can overcome issues they usually undergo when trading on popular decentralized exchanges. Soldex developed its trading bot with machine learning and neural network programs. Hence, traders can customize their trading criteria on the bot before deploying it.
Also, Soldex announced that it would offer help for any trader willing to deploy this tool for his trades, whether newbies or experienced traders. Traders can even share their trading bots with others and earn commissions in the process, which will be another revenue stream for them.
Soldex is better than other decentralized exchanges in various other aspects. As a Solana-built exchange, transactions on it are faster and cheaper than any other exchange. Soldex users can also participate in yield investments once they have the Soldex token. It has a smooth user interface without any lag time, which is lacking in most other exchanges. Those who prefer to make anonymous transactions can also use Soldex’s permissionless feature to complete their transactions.