National Bank Bans Popular Crypto Wallet Trustee Plus for Regulatory Violations
The National Bank of Ukraine has officially announced the suspension of Trustee Plus, a service operated by Trustee Global UAB.
The decision was prompted by the identification of signs indicating that the platform provides financial payment services without obtaining the necessary licensing, which violates Ukrainian legislation.
According to the regulator, services offered by Trustee Plus, including fund transfers and payment operations using user accounts, fall under the scope of financial services that require appropriate licensing.
Meanwhile, the company has been instructed to cease all activities until its operations are brought into compliance with Ukrainian laws.
An analysis by the NBU revealed that Trustee Plus performs money transfers without opening bank accounts, which the regulator considers a breach of existing regulations.
As a result, the NBU board decided to ban the use of the service for P2P transfers and euro transactions between user accounts.
Failure to comply with this decision could lead to legal consequences for the company under Ukrainian legislation.
The regulator also urged citizens to verify the registration status of online services on the official NBU website and exercise caution with unregistered financial providers operating in Ukraine.
Recently, it was reported that UАОПошта plans to meet new NBU capital requirements without involving state funds.
Trustee Plus’s popularity in Ukraine was substantial, ranking first in website traffic among similar services and placing 18th in the ‘Finance’ category in Ukrainian app stores.
The platform actively promoted its services, emphasizing the bypassing of regulatory restrictions, and engaged Ukrainian influencers for advertising campaigns.