Ukraine's National Bank Bans Trustee Global UAB from Providing Services

The National Bank of Ukraine has banned the Lithuanian company Trustee Global UAB from providing financial payment services through the cryptocurrency wallet Trustee Plus to Ukrainian citizens without the necessary licensing and authorization. This was reported by the NBU press service, as conveyed by Ukrinform.
"The National Bank of Ukraine has decided to recognize the services provided by Trustee Global UAB through the Trustee Plus application as financial payment services that require licensing and authorization from the National Bank, and has prohibited their provision," the statement reads.
It is noted that during the supervision of payment service providers, the regulator's attention was drawn to the Trustee Plus cryptocurrency wallet. Following a thorough analysis, it was established that the company provides money transfer services without account opening and performing payment operations with the user’s own funds.
Comments received by the NBU from Trustee Global UAB do not refute, and in some cases confirm, the provision of financial payment services to Ukrainian citizens by the company.
The company is required to immediately cease the provision of prohibited services until its operations comply with Ukrainian legislation. In case of non-compliance with these requirements, the company will bear responsibility according to Ukrainian law.
The NBU warns citizens to be cautious when interacting with unauthorized online platforms and to always check the status of financial institutions in the regulator's registers. The regulator cannot protect the rights of consumers who use the services of unauthorized financial institutions.
It is reminded that in Ukraine, in August, the number of participants in the non-banking financial market decreased from 799 to 791 institutions, while the number of banks remained unchanged at 60.