National Bank Of Ukraine Confirms Revolut Lacks License To Operate
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Ukraine’s central bank reported that Revolut does not have a license to operate in the country. This came despite the London-based financial technology company’s recent announcement that residents can now open accounts.
Revolut released a statement saying that Ukrainian residents would be able to open a European Revolut account and access various financial services.
Ukraine’s Central Bank Clarifies Licensing Requirements For Revolut
In response, the National Bank of Ukraine issued a statement confirming Revolut Bank UAB had not received any licenses or permits from the central bank. It also stated that the company had not submitted an application and was not undergoing the licensing process.
The central bank explained that Revolut Bank UAB operates from Lithuania under a license allowing it to provide services in European Union countries.
Ukraine’s banking laws require companies entering the market to establish a foreign bank branch or obtain a Ukrainian banking license. The central bank said both options require permission and must go through a full review process.
The National Bank of Ukraine supports financial technology growth and fair competition. However, it emphasized all companies must follow legal and regulatory requirements.
The central bank added it would take all necessary steps to ensure banking system stability, address legal violations, and protect depositors and customers.
Revolut Responds To Licensing Concerns And Future Plans
A Revolut spokesperson stated that the company follows local regulations and reviewed the situation before offering services to Ukrainian residents.
The spokesperson said Revolut gives services through its bank in Lithuania, which is watched by the European Central Bank and the Bank of Lithuania.
According to Revolut, it only gives European Union accounts and does not plan to open Ukrainian accounts without permission.
The company helps many thousands of Ukrainian people in the European Union and other places. It said its service lets people send money fast and for free, helping Ukrainian families stay close.
Revolut shared that it told the Ukrainian regulator about its plans and wants to get a local license later. The company said it will work with the National Bank of Ukraine to bring more financial services to people in Ukraine.
The National Bank of Ukraine said all companies must follow the rules and that Revolut does not have permission to work in the country.
Revolut explained it gives services through its bank in Lithuania and hopes to get local approval. The company wants to offer more financial services while following the law.
