Vinnytsia IT Association: NBU’s decision on Trustee Plus creates a negative precedent for Ukraine’s crypto market

On September 23, the National Bank of Ukraine published a decision regarding the activities of the Lithuanian fintech company UAB Trustee Global (Trustee Plus service). The regulator banned the P2P service and euro transfers between users.

At the same time, a member of the Vinnytsia IT Association is the Ukrainian development team of LLC “TRUSTEE GLOBAL”, which creates and supports the product. This team works in Vinnytsia and is part of the local IT ecosystem.

Trustee Plus CEO Vadym Hrusha emphasized that the company operates transparently, and the NBU’s decision will not affect real clients:

The NBU has completed an almost one and a half year inspection and left only two out of seven remarks in force. This indicates that most of the claims against the Trustee were unfounded.

The decision creates a negative precedent for the crypto market, effectively limiting P2P interaction and the operation of euro balances. At the same time, user assets are safe, because the services are provided through licensed European partners. Nothing changes for Trustee Plus clients

The Chairman of the Board of the Association, Dariia Nyshporska, emphasizes that this decision sets a dangerous precedent that may lead to the outflow of innovative services, teams, and investments abroad:

“Ukraine is one of the world leaders in crypto adoption. According to the Chainalysis Global Crypto Adoption Index 2024, Ukraine ranked 6th in the world regarding cryptocurrency adoption. This means enormous potential transaction volumes even within basic exchanges in applications like Trustee Plus.

In such a situation, regulatory steps without a clear legal basis carry long-term risks: from job losses to the transfer of R&D centers abroad. We consistently advocate for an open dialogue between business and the state and the creation of clear rules of the game for crypto and fintech companies in Ukraine.”

According to various estimates, 12-20% of Ukrainians own assets in cryptocurrency. This is one of the highest rates in the world. In the conditions of a war economy, the crypto market has become a tool for private transactions and a source of charitable collections and international donations. For example, according to the Ministry of Digital Transformation, only at the beginning of the full-scale Russian invasion, more than $ 53 million was collected in cryptocurrencies to support Ukraine.

The Vinnytsia IT Association emphasizes that instead of creating barriers, Ukraine needs a transparent legal framework for the development of innovative financial services that will meet European standards and allow technologies and talents to be preserved in the country.