CoinPay crypto platform closed amid verification by the National Bank of Ukraine

The project stated that they actually stopped working even earlier, and now the company will close the official website

The platform for processing cryptocurrency payments CryptoPay is closed. Company representatives reported this on the project's official website. It is not clear what exactly caused the closure. As they wrote in CryptoPay, the project "actually has not been working since 2023 and there are no longer any active users on the platform."

The project will stop accepting deposits on August 7, 2023, and will turn off the interface on August 17. The company urged users to try to withdraw cryptocurrency before August 17. It is not clear whether users will be able to withdraw their assets after the stated period.

The announcement of the closure was made just a couple of days after the National Bank of Ukraine (NBU) rushed to investigate CoinPay, as well as other Ukrainian cryptocurrency companies. As the media found out, the NBU required four Ukrainian cryptocurrency companies (Kuna, CryptoPay, GEO Pay and Qmall) to provide financial statements for 2023. It is not clear what the inspection is related to, but the founder of Kuna, Mikhail Chobanyan, confirmed such a request from the NBU.

Against the background of the NBU raid, the press service of the Bureau of Economic Security of Ukraine stated that local crypto exchanges underpaid more than $80 million in taxes to the country's budget. According to the statement of the Financial Intelligence Service, trading platforms created by citizens of Ukraine have sold $55 billion since 2013.

Since the beginning of March 2023, Ukrainian banks have stopped processing requests to withdraw cryptocurrency into hryvnia and vice versa, citing technical difficulties. Later, as the local mass media found out, the crypto market could fall under repression connected with the fight of the Ukrainian authorities against the gambling business.