- Trustee Plus and Weld Money halt operations in Ukraine due to National Bank of Ukraine’s interest in crypto cards.
- Crypto cards might be used to bypass capital restrictions, raising regulatory concerns.
- No criminal investigations were initiated against Trustee Plus or Weld Money according to the Bureau of Economic Security.
- Trustee Plus emphasizes compliance with European regulations, distancing itself from regulatory circumvention claims.
Ukrainian Crypto Market Turbulence: The Trustee Plus and Weld Money Exit
In a surprising turn of events reported by Forbes Ukraine, prominent crypto service providers Trustee Plus and Weld Money have ceased their operations in Ukraine. This move is attributed to the growing attention from the National Bank of Ukraine (NBU) towards crypto cards, which are seen as potential tools for circumventing financial regulations.
The Regulatory Landscape: Why Did They Leave?
In May 2025, Trustee Plus stopped registering new Ukrainian users, while Weld Money exited the market altogether. According to sources cited by Forbes Ukraine, these decisions were influenced by NBU’s scrutiny over how crypto cards might facilitate evasion of capital withdrawal limits and fiat transactions on cryptocurrency exchanges.
Despite these concerns, the Bureau of Economic Security did not initiate any criminal proceedings against Trustee Plus or Weld Money. In a statement to Forbes Ukraine, a Trustee Plus representative clarified that Ukrainian authorities lack jurisdiction over their operations as they do not conduct business within Ukraine’s borders.
Impact on Crypto Card Usage
The departure highlights a critical issue with crypto cards—their ability to operate across multiple regions. This feature attracted NBU’s attention, particularly after Polish partner Quicko blocked 7,148 Trustee Plus project cards due to unclear status related to Ukrainian addresses.
An insider from NBU suggested that promotional campaigns by Trustee Plus did not hide the possibility of using these cards to bypass restrictions and increase overseas transfer limits. However, the company maintains that its products do not contribute to capital outflows from Ukraine.
Navigating Uncertainty: CEO Insights
Vadim Grusha, CEO of Trustee Plus, emphasized that his company operates under European legal standards. He highlighted that all transactions are conducted in euros through a licensed Polish financial institution and users undergo verification per regulatory requirements.
Grusha also discussed the challenges posed by a lack of clear regulation in Ukraine’s crypto market. He argued that transparent regulation could prevent misunderstandings with authorities and foster industry growth within legal frameworks.
The exit of companies like Trustee Plus and Weld Money underscores the need for clearer guidelines governing cryptocurrency activities in emerging markets like Ukraine. As national banks globally grapple with regulating this dynamic sector, finding balance between innovation and oversight remains crucial for future developments.
