Ukraine’s central bank partially suspends Trustee Plus activities
The NBU has partially suspended the operations of crypto service Trustee Plus in Ukraine, citing alleged violations in P2P payments and euro transfers. GNcrypto obtained an exclusive comment from Trustee representatives. CEO Vadym Grusha also published an official statement, considering the claims unfounded.
Tuesday morning, September 23, 2025, was shaken by news of the Ukrainian National Bank's ban on payment services provision by the well-known crypto provider Trustee Plus. The company is known in Ukraine and Europe for its crypto cards that allow purchases in regular stores directly from one's crypto wallet.
The National Bank of Ukraine demands that crypto service Trustee Plus cease part of its activities in the country due to lack of proper license for providing payment services. After an 18-month inspection, the NBU concluded that the company conducts money transfers without bank accounts and operates payment services via its mobile app without the required permits.
Official statement by the NBU on the decision in the administrative proceedings against Trustee Plus.
The essence of the conflict
Only two aspects of the service's operations are under dispute: the P2P platform and euro transfers between users. These particular services, according to the regulator, require licensing under Ukrainian legislation.
Company CEO Vadym Grusha disputes part of NBU's allegations. According to him, out of seven initial accusation points, the regulator, after providing explanations and objections, withdrew five, leaving only those concerning P2P interactions. Consequently, NBU acknowledged that most initial remarks about the Trustee app's operation were unfounded.
NBU unreasonably restricts P2P user interactions and incorrectly interprets euro-balance operations,stated Trustee's head.
Impact on users
The company assures that client assets remain safe, and all crypto asset operations are not disputed by the regulator. For existing Ukrainian users, service conditions remain unchanged for now: registration of new Trustee users was suspended since May 22, 2025. However, the National Bank has now effectively banned P2P transfers for Ukrainians.
I would like to emphasize that users are safe – we work transparently through our European partners. Nothing will change for Trustee Plus customers: registration of new users in Ukraine was suspended on May 22. Services within the EU are provided in strict accordance with European Union legislation.- wrote the CEO.
What happens next?
We are open to dialogue and, together with our partners, will seek a legal way to protect the rights of Trustee Plus. We thank our community for their trust. We stand with you and will fight for Ukrainians’ right to free access to modern fintech services worldwide.- also said Vadym Grusha.
Trustee Plus continues operating in the EU under European legislation, where the company has all necessary permits. All Trustee Plus operations with fiat assets are performed by Polish partner Quicko, which is fully licensed in the EU and legally provides services to EU residents.
Market onsequences
Grusha considers NBU's decision a "negative precedent for the entire market" that effectively prohibits P2P interactions between users. In his opinion, pressure on crypto companies without adopting specialized legislation threatens the industry's integration into Ukraine's financial system.
It's worth emphasizing that Trustee Plus stopped registering new Ukrainian users precisely due to the lack of clear crypto sphere regulation in the country. Thus, NBU's latest decision problematizes such a popular cryptocurrency exchange method as P2P for ordinary citizens.
Overall, it looks like the National Bank researched Trustee's activities, and as a result banned the entire market from using P2P, because 99% of crypto exchanges similarly offer users P2P transfers,exclusively commented one of Trustee's technical specialists for GNcrypto on the current state of affairs.
The decision indeed looks paradoxical. While the Ukrainian market once seemed like a cryptocurrency 'Wild West,' even European-licensed operators are now considered insufficiently 'legal' in Ukraine.
Some in the crypto community argue that such bans may have unintended effects. Moreover, it's not about crypto at all: for example, NBU recently limited Ukrainians' ability to withdraw cash from European ATMs to 12,500 UAH per week. As Bitcoin maximalists say, if you need permission to withdraw your own funds – they're not your money.
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