Official Comment by Trustee Plus CEO Vadym Grusha Regarding the Decision of the National Bank of Ukraine

With a calm heart, I can inform you all: the National Bank of Ukraine has completed an almost one-and-a-half-year, extremely thorough inspection of the activities of Trustee Plus and has issued a decision that at first glance appears negative, but also contains certain positive aspects. 

What happened?

At the end of July, the National Bank of Ukraine informed us that it saw potential violations (the provision of financial services in Ukraine) under seven points. We promptly submitted comprehensive explanations and objections. Late yesterday evening, the National Bank of Ukraine published an announcement stating that a negative decision had been issued with respect to two points, namely concerning the peer-to-peer (P2P) platform and transfers of euros between users.

Nevertheless, the decision of the National Bank of Ukraine creates a negative precedent for the entire cryptocurrency market, in effect prohibiting P2P interaction between users. In addition, the National Bank of Ukraine makes unsubstantiated assumptions regarding the functioning of euro balances in the Trustee Plus application.

Since May 2024, we have repeatedly attempted to establish constructive dialogue with the National Bank of Ukraine in order to hold consultations and explain the specifics of Trustee Plus's activities. Our objective was simple: to determine a roadmap for the development of the product in Ukraine. In response, we received the position of the National Bank of Ukraine that "at present, the National Bank does not have the authority to authorize cryptocurrency services or service providers in the field of virtual assets" due to the absence of a relevant law in Ukraine.

It should be emphasized that the company UAB Trustee Global conducts operations with crypto assets, in respect of which the decision of the National Bank of Ukraine raises no objections, while operations with fiat assets are carried out by our Polish partner Quicko, which is licensed in the European Union and provides services to residents of the European Union.

What should ordinary users do?

I emphasize: the assets of users are safe, as we operate transparently through our European partners. Nothing changes for clients of Trustee Plus: the registration of new users in Ukraine was suspended on 22 May. Services within the territory of the European Union are provided in full compliance with the legislative framework of the European Union.

What will happen next?

We remain open to dialogue and, together with our partners, will seek a legal pathway to protect the rights of Trustee Plus. We thank our community for your trust. We stand with you and will continue to fight for the right of Ukrainians worldwide to have free access to fintech services.