Ukraine🇺🇦: National Bank declares that Revolut🇬🇧🇱🇹 lacks the necessary license to operate in the country

Ukraine🇺🇦: National Bank declares that Revolut🇬🇧🇱🇹 lacks the necessary license to operate in the country

What initially seemed like a promising launch has taken an unexpected turn. On February 11, Revolut began offering Ukrainians services such as instant, fee-free transfers between app users by creating a European account. However, the National Bank of Ukraine has stated that the fintech does not meet the country's regulatory requirements.

➡️ Under Ukrainian law, a foreign bank can only operate in the country if it obtains a local license and opens a branch in Ukraine. Revolut's Lithuanian license is insufficient, as it would not offer Ukrainian customers the protection of local financial consumer rights laws or deposit guarantees.

➡️ In response, the British-Lithuanian fintech denies any wrongdoing, stating that it only provides EU accounts to Ukrainian residents under a cross-border model and has no plans to open local accounts without the necessary authorization..

The case highlights regulatory differences in the region and the challenges fintech companies face when expanding into markets with strict legal frameworks.

#news #Near_Europe #Europe

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