Revolut that operates illegally in Ukraine without the necessary license, says National Bank

The Digital Bank, based in London, did not obtain the necessary license to carry out banking activities in Ukraine, said the National Bank of Ukraine (NBU) in a press release on February 27.

According to the Ukrainian banking Right, a foreign bank can only operate in Ukraine If it opens a local branch or gets a bank license. This process must first be approved by the NBU, the bank said in press release.

Official Revolut launch His services in Ukraine on February 11, offering Ukrainian residents access to functions such as instant transfers between applications users, by creating a European Revolut account.

Revolut said that his services for Ukrainian residents were provided by Revolut Bank Uab, a bank based in Lithuania, supervised by the European Central Bank and the Bank of Lithuania.

NBU claims that, although this license allows the revolution to operate in the EU countries, Fintech has not requested a license to operate in Ukraine, as provided by law.

“We support the open competition and the development of financial technology, but all players on the market must respect the legal and regulatory requirements,” NBU wrote.

Also, the Ukrainian regulatory authority warned that Revoluti Customers in Ukraine will not be protected by local laws on financial consumers or storage guarantees.

Revolut is a Multinational British Company NeoBank and Finintech, co-founded by the Ukrainian technological entrepreneur Vlad Yatsenko and Nikolai Storonsky, originally from Russia, who gave up Russian citizenship after the widespread invasion of Ukraine in Russia. The company also stopped all operations in Russia and Belarus.