National Bank of Ukraine Restricts Trustee Global UAB Operations
The National Bank of Ukraine has decided to prohibit the Lithuanian company Trustee Global UAB from offering financial services through the Trustee Plus crypto wallet to Ukrainian citizens, as it lacks the necessary license and authorization. This was reported by the bank's press service, referencing Ukrinform.
"The National Bank has concluded that the services provided by Trustee Global UAB through the Trustee Plus application are financial payment services that require licensing and authorization, and has banned their provision," the statement reads.
It is noted that during the oversight of payment service providers, the regulator paid attention to the Trustee Plus crypto wallet. Following a thorough analysis, it was established that the company offers money transfer services without account opening and executing operations with users' own funds.
Comments received by the NBU from Trustee Global UAB do not refute, and in some cases confirm, the provision of financial services to Ukrainian citizens by the company.
The company is required to immediately cease the provision of prohibited services until its operations are aligned with Ukrainian legislation. In case of non-compliance, the company will bear responsibility according to the laws of Ukraine.
The NBU warns citizens to be cautious when interacting with unauthorized online platforms and to always verify the status of financial institutions in the regulator's registers. The regulator cannot protect the rights of consumers using services from unauthorized financial institutions.
As a reminder, in August, the number of participants in the non-bank financial market in Ukraine decreased from 799 to 791, while the number of banks remained unchanged at 60.
