Trustee Plus and Weld Money leave Ukraine amid NBU's interest in crypto cards
Date: 2025-07-14 Author: Gabriel Deangelo Categories: BUSINESS
In May 2025, it became known that Trustee Plus had stopped registering new users from Ukraine. The head of the service, Vadym Grusha, then explained this by the desire to focus on Europe, pointing to the uncertainty with the regulation of the crypto sphere in the country. Soon, Weld Money announced a similar decision to curtail its activities, citing the military situation and difficulties with the regulatory framework, without disclosing details.
Both companies offered crypto cards to users, which attracted the attention of the NBU. According to Forbes Ukraine, the bank feared that such cards could be used to bypass currency restrictions and control the movement of fiat funds through crypto exchanges. The publication's sources claim that in the spring, the regulator began to study such products in more detail.
At the same time, the Bureau of Economic Security stated that no criminal cases had been initiated against Trustee Plus or Weld Money. Trustee Plus representatives confirmed that Ukrainian government agencies have no legal grounds for inspections, since the company no longer operates in the country. Weld Money did not comment on the situation at all.
One of the reasons for the increased interest was the data on the blocking of more than 7 thousand Trustee Plus cards by the Polish partner Quicko. According to Forbes Ukraine, these cards were frozen precisely because of the Ukrainian origin of the holders or their addresses. An interlocutor at the National Bank noted that the company openly advertised the possibility of lifting restrictions on transfers abroad, but Trustee Plus insists that no violations were committed.
Vadim Grusha stated that their product fully complies with European standards. According to him, the cards are issued by a licensed financial institution from Poland, all settlements are in euros, and clients are required to undergo verification. He also noted that when a card is used outside the issuer's jurisdiction, it is not a withdrawal of capital, but rather an inflow of currency into the country where the payment is made.
Grusha added that the blocking of thousands of Quicko cards has affected the inflow of foreign currency into Ukraine. He again emphasized that the lack of clear regulation of the crypto market creates a situation in which any marketing information can be interpreted in two ways. In his opinion, only clear legislation can solve the problem, which will save companies from the risk of facing claims from various agencies.
Thus, the fate of Trustee Plus and Weld Money in Ukraine has become another example of how important a clear and transparent legal regime is for the crypto industry in the country.
