Ukrainian Government Official: Bittrex Wanted to Help Develop Country’s Crypto, Exchange Denies It

A Ukrainian government official Alexander Bornyakov who serves as the Deputy Minister of Digital Transformation recently told a local daily that right after the announcement about them joining hands with Binance to help them develop their crypto reforms and regulations, they started receiving calls from other exchanges with similar offers. The officer claimed that two prominent crypto exchanges Bittrex and Coinbase have also offered to come on board and sought the government's cooperation.

However, after the interview of Bornyakov went public, Bittrex has made a statement denying any such collaboration efforts from their side. One of the spokespersons from the exchange said,

“We would like to confirm that no one from Bittrex Global has been in contact with an official of the Ukrainian government.”

While the official statement of the exchange read,

“Bittrex is committed to helping foster innovation of blockchain technology around the world. However, Bittrex has not reached out to Ukraine’s Deputy Minister of Digital Transformation to partner with them.”

In recent years as governments have started to realize that cryptocurrencies are the superior form of money and banning them won't really help. They have started to work closely with local crypto service providers and blockchain experts to formulate different laws and regulations surrounding them.

Take the US for example where there were only 12 entities who were lobbying crypto and blockchain regulation in the states and that number has grown to 33 within one year. These lobbying groups represent different private players who have been catering in the crypto space for quite some time and regulators want to use their expertise in order to form correct regulations.

The data revealed that cryptocurrency taxation, standardizing concepts and definitions, and Anti-Money Laundering provisions are some of the most common interests of these lobbyists.

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