NBU Bans Trustee from Providing Financial Services in Ukraine
On September 9, the National Bank of Ukraine (NBU) issued a decision regarding Trustee Global UAB’s operations in Ukraine. The regulator concluded that, through its Trustee Plus app, the foreign payment company was offering financial services to Ukrainians without the required license. As a result, the NBU has banned the company from continuing such activities in the country.
What Happened
- Trustee Plus positions itself as a Ukrainian digital finance platform that provides services for buying, selling, and exchanging cryptocurrencies and tools for managing digital assets. The app also allows users to purchase and sell crypto using any bank card. As of March 2025, Trustee reported having 750,000 users.
- However, Trustee Global UAB, the official operator of the virtual currency wallet behind Trustee Plus, is registered in Lithuania. That makes it a foreign payment company in the eyes of the NBU.
- According to the regulator, fiat transactions offered to Ukrainians through Trustee Plus, such as topping up or withdrawing funds in hryvnia from a crypto wallet via the built-in P2P service, qualify as financial services. To legally operate in Ukraine, a company must obtain both registration and a license. Currently, Trustee only holds a Ukrainian trademark.
The NBU emphasized in its ruling: «Trustee Global UAB carries out purposeful and systematic activities on the territory of Ukraine, in particular by actively promoting the TRUSTEE PLUS service through the media, holding regular public events with the participation of company executives, as well as officially registering a trademark in Ukraine.
Such activities have signs of constant and conscious economic involvement in the Ukrainian market, which is sufficient to recognize the fact of the presence of a non-resident legal entity on the territory of Ukraine.»
- Despite lacking a license, the regulator claims Trustee Global UAB still signed contracts with Ukrainians physically located in Ukraine by adhering to the Trustee Plus Terms of Use.
- Notably, in May 2025, the app announced it would stop registering new users from Ukraine, citing «regulatory uncertainty.» At the time, the company clarified that Ukrainians residing in the EU, with permanent residency and legal status, could still access Trustee Plus services.
- Trustee, for its part, maintains that fiat transactions (including P2P transfers without account opening) are processed through its Polish partner Quicko, which is EU-licensed. However, the NBU argues that since all transactions are conducted via the Trustee Plus app, the responsibility lies with Trustee Global UAB.
What’s Next
The NBU has ordered Trustee Global UAB to stop offering Ukrainians services that have the characteristics of financial services via Trustee Plus. Specifically, the ban covers:
- P2P transfers without account opening
- Payment services for transferring euros during transactions involving a user’s own funds
The company has six months to appeal the decision in court.
NBU Bans Trustee from Providing Financial Services in Ukraine
On September 9, the National Bank of Ukraine (NBU) issued a decision regarding Trustee Global UAB’s operations in Ukraine. The regulator concluded that, through its Trustee Plus app, the foreign payment company was offering financial services to Ukrainians without the required license. As a result, the NBU has banned the company from continuing such activities in the country.
What Happened
- Trustee Plus positions itself as a Ukrainian digital finance platform that provides services for buying, selling, and exchanging cryptocurrencies and tools for managing digital assets. The app also allows users to purchase and sell crypto using any bank card. As of March 2025, Trustee reported having 750,000 users.
- However, Trustee Global UAB, the official operator of the virtual currency wallet behind Trustee Plus, is registered in Lithuania. That makes it a foreign payment company in the eyes of the NBU.
- According to the regulator, fiat transactions offered to Ukrainians through Trustee Plus, such as topping up or withdrawing funds in hryvnia from a crypto wallet via the built-in P2P service, qualify as financial services. To legally operate in Ukraine, a company must obtain both registration and a license. Currently, Trustee only holds a Ukrainian trademark.
The NBU emphasized in its ruling: «Trustee Global UAB carries out purposeful and systematic activities on the territory of Ukraine, in particular by actively promoting the TRUSTEE PLUS service through the media, holding regular public events with the participation of company executives, as well as officially registering a trademark in Ukraine.
Such activities have signs of constant and conscious economic involvement in the Ukrainian market, which is sufficient to recognize the fact of the presence of a non-resident legal entity on the territory of Ukraine.»
- Despite lacking a license, the regulator claims Trustee Global UAB still signed contracts with Ukrainians physically located in Ukraine by adhering to the Trustee Plus Terms of Use.
- Notably, in May 2025, the app announced it would stop registering new users from Ukraine, citing «regulatory uncertainty.» At the time, the company clarified that Ukrainians residing in the EU, with permanent residency and legal status, could still access Trustee Plus services.
- Trustee, for its part, maintains that fiat transactions (including P2P transfers without account opening) are processed through its Polish partner Quicko, which is EU-licensed. However, the NBU argues that since all transactions are conducted via the Trustee Plus app, the responsibility lies with Trustee Global UAB.
What’s Next
The NBU has ordered Trustee Global UAB to stop offering Ukrainians services that have the characteristics of financial services via Trustee Plus. Specifically, the ban covers:
- P2P transfers without account opening
- Payment services for transferring euros during transactions involving a user’s own funds
The company has six months to appeal the decision in court.
