The National Bank of Ukraine stated that Revolut Bank UAB did not receive the necessary licenses and permits for conducting activities in Ukraine. Despite the official statements of the company about entering the Ukrainian market, the bank did not undergo the procedure for agreeing with the regulator.
According to the National Bank, Revolut Bank UAB is registered in Lithuania and works on a license, which allows it to provide financial services in the European Union. However, in order to work in Ukraine, a foreign bank must either obtain a banking license or open an official branch, which provides for appropriate NBU approvals.
"We support open competition and development of financial technologies, but all market participants must operate within the framework of legislative and regulatory requirements," the National Bank's press service said.
The regulator emphasizes that Revolut users in Ukraine are not subject to national legislation on financial services and deposit guarantee systems. This means that in case of problems with the bank, Ukrainian clients will not have the legal protection provided for depositors of domestic banks.
The NBU urges citizens to be careful when choosing financial services and checking whether the institution has appropriate permits for activities in Ukraine.
The Ukrainian financial regulator plans to continue to control the situation to ensure compliance with market standards and consumer protection. If Revolut plans to officially enter the Ukrainian market, the company must meet the requirements of the NBU, go through all the necessary procedures and obtain permission.
