Michael Chobanian Announces the Closure of KUNA Exchange

In a surprising development, Michael Chobanian, the founder of KUNA Exchange, has announced the closure of the platform. This decision stems from a tax-related issue that led to the blocking of KUNA in Ukraine. Users now have a two-month window to withdraw their funds as the exchange winds down operations.

The Unexpected Blockage and Its Implications

The shutdown follows a sudden blockage of the KUNA website in Ukraine. Chobanian expressed that this move came as a surprise, as the company was not informed or involved in the legal process that led to the blockage. This incident has highlighted the challenges and unpredictability faced by crypto businesses operating under unclear regulatory frameworks.

Reasons Behind the Closure

According to Chobanian, the blockage was due to alleged unpaid taxes. However, he mentioned that the specifics of these taxes remain unclear, and he expressed intent to resolve the matter. Despite these challenges, Chobanian has decided against engaging in legal battles, considering them counterproductive.

A Shift in Focus

Chobanian has been a vocal advocate for the legalization of crypto assets in Ukraine. However, he believes this advocacy may have been used against him. Looking ahead, he plans to focus on what he terms “symbiocracy,” emphasizing future technologies, artificial intelligence, and social activities. As part of this transition, he intends to cease all commercial activities, allowing a brief transitional period for users.

User Guidance and Future Directions

During this period, users are advised to move their assets to cold wallets for security. Chobanian clarified that this is a closure, not a sale of KUNA. The platform’s code, devoid of client data, may continue in other projects, but with different players.
This announcement marks a significant shift in the Ukrainian crypto market. Chobanian previously stated that government actions have severely impacted the country’s crypto landscape. As the exchange closes, the broader implications for the market and the continuing quest for regulatory clarity remain to be seen.