In May 2025, two well-known crypto services — Trustee Plus and Weld Money — exited Ukraine. Trustee Plus suspended registration for new users from Ukraine, while Weld Money completely ceased operations in the country. According to reports, this decision was related to the increasing interest of the National Bank of Ukraine in crypto cards.
This is reported by Business • Media
Reasons for Companies Exiting the Market
Sources indicate that the NBU’s attention to crypto cards is due to the likelihood of such payment instruments being used to circumvent restrictions on capital withdrawal and fiat operations on crypto exchanges. The publication reports that in May, Trustee Plus announced the closure of registration for Ukrainian users, and the company’s CEO, Vadim Grusha, emphasized the desire to focus on the European direction due to regulatory uncertainty in Ukraine. Weld Money also announced the termination of its operations, citing “military and regulatory restrictions.”
Both companies provided crypto card services, allowing users to conduct transactions with cryptocurrencies in fiat. The ability to use such cards to bypass currency restrictions was one of the reasons for the heightened attention from regulators to their activities.
Companies’ Position and Regulators’ Reaction
According to the Bureau of Economic Security, no criminal proceedings have been opened against Trustee Plus or Weld Money. A representative of Trustee Plus explained the situation in a written comment as follows:
“Currently, Ukrainian state authorities do not have the authority to conduct checks on Trustee Plus’s activities, as the company does not conduct operational activities on the territory of Ukraine.”
Weld Money did not comment on the situation. Additionally, the publication notes that Trustee Plus’s Polish partner — Quicko — blocked 7,148 cards due to a Ukrainian address or unclear status of their owners. Meanwhile, sources at the NBU point out that Trustee Plus openly advertised the enhanced capabilities of its cards for transfers abroad, although the company itself denies facilitating capital outflow.
Information regarding the initiation of official checks on these services by law enforcement agencies has not been confirmed by either the SBU or the National Bank.
After the publication of the material, CEO of Trustee Plus Vadim Grusha emphasized that the company does not conduct business in Ukraine, has no infrastructure here, and does not engage in circumventing regulatory restrictions. He also stated:
“The thesis that our card is allegedly created to bypass currency control is a misinterpretation that mostly arises from the incorrect use of marketing messages by users or arbitrary interpretations of the product’s terms,” he pointed out.
Grusha added that Trustee Plus operates in accordance with European legislation, the card issuer is a licensed financial institution in Poland, all transactions are conducted in euros, and users undergo necessary verification. He also explained that when a payment card is used outside the issuer’s jurisdiction, it means an influx of currency into the country where the payment occurs. Thus, in his opinion, the blocking of Quicko cards led to a decrease in currency inflow into Ukraine.
“Avoiding misunderstandings with various state authorities is only possible through transparent and adequate regulation of the industry in Ukraine.”