The National Bank of Ukraine (NBU) found that the cryptocurrency service of BitCapital illegally provided loans to Ukrainians, masking them under loans in cryptoactics. This was reported by the regulator's press service.
According to the NBU, the company formally offered loans to USDT (cryptocurrency tied to the dollar), but actually made loans in UAH. In this way, BitCapital went around the current legislative norms and regulatory mechanisms operating in the financial market of Ukraine.
The regulator received more than 700 complaints from citizens who used BitCapital services. In their appeals, consumers reported over high interest rates, illegal charges on loans, opaque terms of contracts and aggressive debt collection policies. Particularly vulnerable were socially disadvantaged citizens and servicemen, who refused the company with the privileges provided by law and used rigid methods of compulsory debt collection.
The NBU emphasizes that according to the Constitution of Ukraine, the Civil Code and the Laws on Payment Services and Currency and Currency Transactions, the only legal payment in Ukraine is the hryvnia. At the same time, the legislation on virtual assets is still in the development stage.
During the inspection, the NBU found a number of systemic violations by BitCapital, including:
- overestimation of the maximum daily interest rate;
- non -compliance with consumer protection rules regarding the terms of contracts and disclosure of the full value of the loan;
- information opacity and customer introduction;
- Lack of compulsory information on the terms of lending on the website.
The National Bank of Ukraine urges citizens to be careful when using online platforms, especially those working with cryptocurrencies. The NBU also reminds that Tether (USDT) is a stablcoin - cryptocurrency attached to the fiat currency, in this case to the US dollar.
The regulator continues to monitor such services and will take measures to protect the financial rights of Ukrainian citizens.
