The National Bank of Ukraine (NBU) has banned Trustee Global UAB from providing certain services through its crypto wallet app, Trustee Plus. The regulator determined that the platform’s functionality contains elements of financial payment services, which require licensing and formal authorization in Ukraine, Minfin reports.
Why the NBU Stepped In
Following an extended audit, the NBU concluded that Trustee Global UAB had effectively been offering Ukrainian users services similar to regulated financial activities, including:
- Money transfers without opening an account;
- Execution of payment operations using users’ own funds.
Since the company lacks an NBU license, the regulator decided to prohibit such operations in Ukraine.
Trustee Global’s Position
Vadym Grusha, founder of Trustee Global UAB, acknowledged that after an 18-month review, the NBU issued a “negative but not final” decision. He noted that while the company managed to address most of the regulator’s concerns, the key restrictions now cover:
- P2P transfers between users;
- Euro-denominated balances within the app.
Grusha stressed that the move sets a troubling precedent for the entire crypto market, effectively blocking P2P models.
What It Means for Users
- Funds remain safe. Crypto transactions are executed directly, while fiat operations are handled via licensed European partner Quicko.
- No new registrations in Ukraine since May 2024. Current clients continue using the service without changes.
- EU operations remain unaffected, fully compliant with European regulations.
The lack of a dedicated Ukrainian law on virtual assets has created a grey zone for crypto services. The NBU has officially stated it currently lacks authority to authorize such platforms, and thus applies financial services legislation in disputed cases.
Trustee Global has pledged to explore legal avenues to protect its users and says it is open to dialogue with the regulator. Still, the Trustee Plus case sends a clear signal to the entire market: operating without a clear regulatory framework can end with strict prohibitions.
Information link: minfin.