Headline: Trustee Plus Responds to National Bank of Ukraines Allegations Against P2P Operations Translation: Trustee Plus Responds to National Bank of Ukraines Allegations Against P2P Operations

The National Bank of Ukraine has prohibited Trustee Global UAB, the operator of the Trustee Plus cryptocurrency wallet, from providing financial payment services within the country due to the absence of a relevant license for such activities.

During its analysis, the regulator identified that the company was facilitating access to a P2P platform and enabling euro transfers between users without a bank account. According to the Financial Services Law, such activities are required to be authorized by the National Bank, which Trustee Global UAB had not obtained.

“Trustee Global UAB must cease the provision of the specified financial payment services until its operations comply with the legislative requirements of Ukraine, or face appropriate penalties,” stated a resolution from the Board.

In a comment regarding the situation, Trustee’s CEO Vadim Grusha noted that the National Bank raised concerns at the end of July over seven potential violations.

“We promptly provided detailed explanations and objections. We managed to convince the regulator that most of the criticisms regarding the app’s operations were unfounded. However, the NBU issued a negative decision concerning the P2P platform and euro transfers among users,” he pointed out.

Grusha believes this sets a «negative precedent for the entire cryptocurrency market.»

“The National Bank of Ukraine effectively bans P2P interactions between users. Additionally, the NBU makes unfounded assumptions about the operation of euro balances in the Trustee Plus app,” the executive stated.

Grusha emphasized that since May 2024, the company has repeatedly invited the regulator for consultations to clarify the specifics of Trustee Plus’s activities. In response, the National Bank indicated that it currently lacks the authority to authorize cryptocurrency services/providers in the area of virtual assets due to the absence of a relevant law in Ukraine.

Trustee Global UAB conducts operations with crypto assets, which the NBU’s decision did not address, while fiat operations are handled by Quicko, a licensed Polish partner operating under the EU’s local legislative framework, Grusha noted.

The situation has not impacted Trustee Plus clients, and their assets remain secure. However, the registration of new users in Ukraine has been suspended since May 22 due to «regulatory uncertainty.»

“We are open to dialogue and, along with our partners, will seek a legal path to protect the rights of Trustee Plus. We will fight for Ukrainians worldwide to have uninterrupted access to modern fintech services,” added Vadim Grusha.

It is worth noting that at the beginning of September, the Verkhovna Rada of Ukraine approved, in its first reading, a draft law titled “On Virtual Asset Markets,” which will define the status and taxation of cryptocurrencies in the country.