Trustee Plus Shifts Focus from Ukraine to EU Amid Regulatory Uncertainty

The decision was attributed to regulatory uncertainty.

“There are many reasons, but the most significant factor is the lack of legal clarity. We have officially decided to postpone our plans for expansion into the Ukrainian market and halt our market research efforts,” stated the team at Trustee Plus.

This change does not affect users who are already registered, as well as Ukrainians residing in the EU who are its residents. They will continue to enjoy unrestricted access to wallet services.

“If you are not in a sanctioned jurisdiction, most services will still be available to you, except for the payment card, our joint product with Quicko,” the project representatives added.

The team did not specify a timeline for when the situation for residents of Ukraine might improve.

Previously, Vadim Grusha, the founder and CEO of Trustee Plus, commented to dev.ua about the intention to fully concentrate on the European market, where regulatory frameworks are already in place.

The entrepreneur expressed disappointment that the status of the draft law on virtual assets in Ukraine remains uncertain.

“Each day that passes while we await the adoption of this draft law is another day lost in the global trends of blockchain innovations,” Grusha noted.

On May 12, the Ukrainian President’s Office blocked the consideration of the draft law on cryptocurrency regulation in the country indefinitely. According to MP Yaroslav Zheleznyak, the decision was lobbied by the head of the NSSMC, Ruslan Magomedov.

It is worth noting that at the end of January 2025, the Ukrainian bitcoin exchange Kuna announced its intention to cease operations in all countries. As of April 30, the platform fully suspended its operations and shut down its servers.