The National Bank of Ukraine has taken action against the Lithuanian company Trustee Global UAB, prohibiting it from offering financial payment services to Ukrainian citizens through the Trustee Plus cryptocurrency wallet without the necessary licensing and authorization. The bank's press service reported that this decision came after it was determined that the company's services require licensing.
The regulator noted the activity of the Trustee Plus cryptocurrency wallet during its oversight of payment service providers. A thorough analysis revealed that the company was facilitating money transfers without opening user bank accounts and executing payment operations with users' funds.
Comments received from Trustee Global UAB do not refute the provision of financial services to Ukrainians, and in some cases, they even confirm it.
The company is required to immediately cease the provision of prohibited services until it aligns its operations with Ukrainian legislation. Failure to comply with these requirements will result in legal consequences under Ukrainian law.
The National Bank warns citizens to exercise caution when interacting with unauthorized online platforms and to verify the status of financial institutions in the regulator's registers. The regulator cannot protect the rights of consumers who use services from unauthorized financial institutions.
It is also noteworthy that in August, the number of participants in Ukraine's non-bank financial market decreased from 799 to 791, while the number of banks remained unchanged at 60.