**Revolut Suspends Registration of New Customers in Ukraine Amid Banking License Dispute**
Digital bank Revolut has temporarily stopped allowing new customers to register from Ukraine, a move that comes as the company faces scrutiny over its operations in the country. The decision was announced by Revolut’s press service on April 9.
According to the company, this suspension does not affect existing Ukrainian customers, who will continue to have access to their accounts and services without interruption. However, new users from Ukraine can join a waiting list while Revolut works on resuming customer onboarding.
The move follows a dispute between Revolut and the National Bank of Ukraine (NBU) over the company’s banking licenses. The NBU accused Revolut of operating in Ukraine without proper licenses, a claim that the fintech firm denies.
**Background to the Dispute**
Revolut officially launched its services in Ukraine in February, offering Ukrainian residents access to features such as instant, free transfers between app users through EU accounts. The company also introduced a special Clear Sky debit card, which was designed with Ukraine’s national colors and is used to support war refugees.
However, just two weeks after Revolut’s official launch, the NBU raised concerns that the company had not applied for the necessary licenses to operate in Ukraine. Ukrainian banking regulations require foreign banks to establish local branches or obtain specific licenses approved by the NBU before operating in the market.
**Revolut’s Response**
Revolut countered that its services for Ukrainian residents are provided by Revolut Bank UAB, a Lithuania-based entity supervised by the European Central Bank and the Bank of Lithuania. The company stated that this arrangement allows it to operate in Ukraine without needing local licenses.
In light of the dispute with the NBU, Revolut has decided to suspend new customer registrations from Ukraine while it works on resolving the matter.
**Broader Context**
Revolut’s decision comes as Ukrainian forces continue to face Russian aggression. In recent weeks, there have been reports of increased Russian activity across the front line, with some sources estimating that Russia has fivefold increased its force in Ukraine since the beginning of the aggression.
As the conflict continues, Revolut’s actions are being closely watched by observers and analysts alike. The company’s decision to suspend new customer registrations from Ukraine is seen as a move to avoid further controversy and potential regulatory issues.
In an effort to provide context for this article, it is necessary to note that Revolut has faced scrutiny in other countries as well.
