Monobank was most pleased. The NBU stated that Revolut violated the law when it went to the Ukrainian market

According to the NBU report, Revolut provides services to residents of Ukraine through Revolut Bank UAB, a foreign bank registered in Lithuania, which provides financial services based on a license that allows it to work in EU countries.

However, according to the Law on Banks and Banking, the only acceptable forms of banking in Ukraine are the formation of a foreign bank branch or a banking license in Ukraine.

“Any of these forms requires the permission of the National Bank. When considering an application for opening a branch or obtaining a NBU license, a comprehensive assessment of the founder’s business reputation, his financial condition and the proposed business model, ”the regulator emphasized.

The NBU stressed that the issue of starting a foreign player in the Ukrainian banking market is also the subject of consultation with the banking supervision body of the country of origin of such a subject.

“Today, Revolut Bank UAB has not received any licenses or permits from the National Bank of Ukraine, did not submit appropriate applications and does not undergo a procedure of licensing of activity,” the NBU stated.

The National Bank emphasized that it will act within the limits of the prudential mandate defined by the legislation and take all necessary measures aimed at ensuring the stability of the banking system of Ukraine, responding to violations of the legislation to protect the interests of depositors and clients of banks.

The NBU drew the attention of Ukrainian citizens that the rules of legislation on the protection of consumers of financial services and the deposit guarantee system do not apply to Revolut clients.

“We support open competition and development of financial technologies, but we consider it appropriate to emphasize that all market participants should act within the limits of legislative and regulatory requirements,” the NBU summarized.

The National Bank’s position was also supported by Monobank co -founder Oleg Gorokhovsky.

“The National Bank of Ukraine has issued a document that indicates that the so -called” release “Revolut to the Ukrainian market, which some media reported so actively, is in fact a banal violation of Ukrainian laws,” he said in Telegram.

Gorokhovsky stressed that Revolut did not turn to the regulator, did not receive any permits and operates in the Ukrainian market illegally.

“We would be glad to see Revolut in Ukraine, but we need to do it with respect for Ukrainian laws. Nowhere in the world, such a “entry into the market” would be impossible. But that we were not allowed to speak to Poland at all without any reason, and here Revolut behaves as if Ukrainian laws do not deserve any attention at all, ”Monobank co -founder added.

As reported, on February 11, Revolut announced the start of services in Ukraine. The company proposes to open a European account Revolut and access a number of services, including instant, free transfers between users of the application in more than 30 currencies in any corner of the world.

Revolut was founded in 2015 in London by the former Russian citizen Mykola Stonesky and Ukrainian Vladislav Yatsenko. The purpose of the company is to turn people’s familiar ideas about finances. The total number of customers around the world is 50 million, the number of monthly Revolut operations reaches about 800 million.

As it was reported, in the ranking of 30 richest Ukrainians in 2024, according to NV, Vlad Yatsenko ranked 4th with $ 1.125 billion in $ 1.125 billion. They increased by 26%over the last year.