**Revolut Operating Illegally in Ukraine**
The National Bank of Ukraine (NBU) has said that digital bank Revolut is operating without a required license. This was announced by the NBU on February 27.
**What Happened?**
Revolut launched its services in Ukraine on February 11, allowing Ukrainians to make free transfers between app users using a European account. The company claimed its services were provided by Revolut Bank UAB, a bank based in Lithuania and supervised by the European Central Bank.
**But Why Is This a Problem?**
The NBU says that while Revolut has permission to operate in EU countries, it never applied for a license to work in Ukraine as required by law. The regulator is concerned that customers in Ukraine will not be protected by local laws on financial consumer rights or deposit guarantees.
**What Does the NBU Say?**
“We support open competition and financial technology development,” said the NBU. “But all market players must follow legal and regulatory requirements.”
**Who Is Behind Revolut?**
Revolut is a British fintech company co-founded by Ukrainian tech entrepreneur Vlad Yatsenko and Russian-born Nikolai Storonsky, who gave up his Russian citizenship after Russia’s invasion of Ukraine.
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