Kuna

Navigating the world of cryptocurrency exchanges can be a bit like finding your way through a digital maze. Unless you're a seasoned trader, it's hard to know which platforms deserve your trust and your digital assets. Ukrainian-based Kuna Exchange has been making waves in Eastern Europe's crypto scene, though it remains relatively unknown to many Western traders. Let's take a closer look at what makes this exchange tick.

The Ukrainian Pioneer in Cryptocurrency Trading

Kuna Exchange emerged as one of Ukraine's first cryptocurrency exchanges, carving out a niche for itself by offering trading services that specifically cater to local users. The platform is operated by Kuna Fintech Limited, a company registered in England and Wales, giving it a formal business structure in a regulated jurisdiction while serving primarily Eastern European markets.

What makes Kuna particularly valuable to Ukrainian traders is its support for the Ukrainian hryvnia (UAH), creating a direct fiat on-ramp for local users. According to BitDegree's review, the exchange offers crypto-fiat trading with both UAH and USD pairs alongside more than 40 crypto-to-crypto markets.

"In December was twice the base we have now, we're just growing like 10-20% a month," noted Michael Chobanian, Kuna's founder, in a YouTube interview, indicating steady growth despite market fluctuations. He also mentioned that larger Ukrainian traders often prefer OTC trading due to regional banking limitations.

Trading Features and Fee Structure

One thing I appreciate about Kuna's approach is its straightforward fee structure. Unlike exchanges that complicate things with tiered systems, Kuna charges a flat 0.25% trading fee without differentiating between makers and takers, as noted in BitDegree's analysis. This makes calculating your costs much simpler, especially if you're new to trading.

The exchange operates KUN, its native token built on the WAVES blockchain. Holding KUN provides users with fee discounts and access to premium features on the platform. It's their version of Binance's BNB or FTX's FTT token (although we all know how that turned out… yikes).

For mobile traders, Kuna offers dedicated iOS and Android apps, and they've developed a service called "MyKuna" for instant balance top-ups without hidden fees. Their referral program is also relatively generous, offering up to 75% commission to users who bring in new traders.

Security Measures and Past Incidents

When it comes to crypto exchanges, security should be your number one concern. I mean, who wants to be the next sob story of "I lost everything when Exchange X got hacked"?

Kuna seems to take security seriously. In 2018, the exchange partnered with cybersecurity firm Hacken for vulnerability assessments and penetration testing to strengthen their platform defenses. This proactive approach to security demonstrates a commitment to protecting user funds.

"Cold wallets, we try not to keep anything on the live exchange, we have people who [are] online 24/7," explained Chobanian during his interview, outlining some of Kuna's security practices. The exchange also restricts traffic from certain countries and maintains constant monitoring.

However, the crypto world was shocked when, in February 2025, North Korean hackers stole a staggering $1.5 billion from Bybit exchange through wallets linked to previous Kuna operations, according to TRMLABS' report. This incident, while not directly affecting Kuna's current operations, raises questions about historical security practices and potential vulnerabilities.

KYC Requirements and Regulatory Compliance

Like most legitimate exchanges today, Kuna implements Know Your Customer (KYC) procedures to comply with anti-money laundering regulations. According to Swaps.app's documentation, the exchange maintains a €15,000 daily limit for Light KYC users who haven't completed source-of-funds verification.

For larger traders, Kuna requires Level 3 KYC verification for transactions exceeding €100,000, which includes providing proof of funds documentation. This tiered approach helps casual users get started quickly while ensuring enhanced due diligence for significant transactions.

Challenges and Limitations

Kuna hasn't been immune to regulatory challenges. In 2022, the Ukrainian Central Bank banned hryvnia (UAH) crypto transactions via bank cards, forcing the exchange to temporarily suspend fiat deposits, as reported by Cryptorank. This highlights the regulatory risks faced by crypto businesses, especially in regions with evolving digital asset policies.

Another interesting challenge came from an unexpected direction. Croatia's transition to the euro in 2023 resulted in a 68% reduction in Croatian kuna cash circulation, according to Total Croatia News. While this doesn't directly impact the Ukrainian hryvnia, it illustrates potential complications for fiat operations when currencies undergo significant changes.

Perhaps Kuna's biggest limitation is its relatively low trading volume. As one user noted in a YouTube review, while the exchange offers standard cryptocurrencies like Bitcoin and Ethereum, its modest liquidity makes it primarily suitable for Ukrainian traders rather than international users seeking deep markets.

Is Kuna Right for You?

If you're a Ukrainian trader looking for a local exchange that supports hryvnia pairs, Kuna offers a specialized service tailored to your needs. The platform's regional focus, combined with its mobile apps and KunaPay integration, creates a convenient ecosystem for Eastern European users.

However, if you're primarily seeking high liquidity or advanced trading features, larger international exchanges might better serve your requirements. Kuna's strength lies in its regional specialization rather than competing with global giants on volume or feature breadth.

In the end, Kuna represents an interesting case study of a regionally-focused exchange navigating both local regulatory frameworks and global security challenges. While it may not be a household name worldwide, it has established itself as a significant player in Ukraine's developing cryptocurrency market.