Trustee Plus Faces NBU Claims Over P2P Operations
Date: 2025-09-24 Author: Gabriel Deangelo Categories: BUSINESS
The National Bank of Ukraine discovered that Trustee Plus allowed users to transfer euros through a P2P platform without opening bank accounts. According to the Financial Services Law, such operations require official permission from the regulator, which the company did not have. The NBU's board resolution stated that Trustee Global UAB must suspend these operations or face legal sanctions.
Trustee CEO Vadym Grusha noted that the regulator's claims related to seven potential violations identified in late July. The company promptly provided clarifications, and the NBU found most of the concerns unfounded. However, the decision on P2P euro transfers was negative. According to Grusha, this created a "negative precedent for the entire crypto market" in Ukraine.
The top manager emphasized that the National Bank's decision effectively prohibits P2P interactions between users and contains false assumptions about the operation of euro accounts in the app. Since May 2024, Trustee Global UAB has repeatedly offered to consult with the regulator to clarify the specifics of the service, but the National Bank responded that it does not currently have the authority to authorize cryptocurrency services due to the lack of a relevant law.
Trustee Global UAB continues to work with crypto assets that have not raised concerns with the NBU. Fiat currency transactions are handled by its Polish partner, Quicko, which is licensed in the EU. Trustee Plus clients have not been harmed, and their funds are safe. New user registration in Ukraine has been suspended since May 22 due to "regulatory uncertainty."
Grusha stated that the company is open to dialogue and, together with its partners, will seek a legal way to protect the rights of Trustee Plus users. He emphasized that the goal is to preserve Ukrainians' free access to modern fintech services.
In early September, the Verkhovna Rada of Ukraine adopted the first reading of the bill "On Virtual Asset Markets," which will define the status of cryptocurrencies and their taxation. Experts point to the need to resolve any inconsistencies with the Diia.City legal framework and ease sanctions for market participants.
