The National Bank of Ukraine has launched an audit of Trustee amid pressure from the authorities on the company

The National Bank of Ukraine has reported that it has conducted an audit of the activities of UAB Trustee Global, a company operating in the field of virtual assets.

On July 29, Trustee received a formal request from the regulator seeking clarification on the functionality of the Trustee Plus app as part of the established procedure.

According to the company’s CEO Vadym Hrusha, despite the lack of regulation of cryptocurrencies in Ukraine, their role in the lives of citizens is growing. He noted that Trustee positively assesses the regulator’s desire to gain a deeper understanding of the cryptosphere and the activities of companies in the industry.

“We are all well aware of how many Ukrainians were forced to move to Europe after the start of the full-scale invasion. Some of them regularly visit Ukraine or temporarily return home,” Hrusha said.

The functionality of Trustee Plus is provided by several companies. UAB Trustee Global (Lithuania) provides services in the field of virtual assets and has the necessary authorizations. Quicko Sp. z o.o. (Poland) is responsible for traditional financial services and operates under EU licenses.

Grusha explained that users have already encountered situations when additional documents were required to activate payment functions. According to him, this is due to the distribution of responsibilities between legal entities, each of which fulfills its own regulatory requirements.

He also noted that UAB Trustee Global has no restrictions on providing cryptocurrency services to Ukrainians regardless of their country of residence. At the same time, Quicko Sp. z o.o. serves Ukrainian citizens only in EU countries and closes accounts for those who return to Ukraine for permanent residence.

The company said it is open to a constructive dialog with the NBU and is ready to provide all necessary clarifications.