Revolut lacks required licence to operate in Ukraine, says National Bank

In a press release issued on 27 February 2025, the regulator clarified that the company has not met the legal requirements to provide banking services in the country. 

Under Ukrainian banking regulations, foreign banks must either obtain a local banking license or establish a branch within Ukraine, a process that requires prior approval from the NBU. The central bank asserted that Revolut has not completed either step.

Regulatory concerns over licencing and consumer protections 

Revolut has maintained that its services for Ukrainian customers are facilitated by Revolut Bank UAB, a Lithuania-based entity supervised by the European Central Bank and the Bank of Lithuania. However, the NBU argued that this authorization is valid only within the European Union and does not extend to Ukraine. 

NBU officials emphasised the bank’s position by stating that they support financial technology innovation and competition, but all market participants must comply with legal and regulatory standards. The regulator also cautioned that Revolut users in Ukraine do not have consumer protections under local financial laws, including deposit guarantees.

Revolut’s launch in Ukraine 

Revolut launched its services in Ukraine on 11 February allowing residents to access features such as instant, free transfers between users by opening a European Revolut account. As part of its official launch in the country, the fintech company introduced a special edition Clear Sky debit card in the national blue and yellow colours. The card is designed by a Ukrainian team and is meant to symbolise the hope for a clear and safe sky over the country. 

Revolut supported Ukraine since 2022 by offering refugees free access to its services, temporarily waiving the usual requirement for proof of European residency. Users had access to a standard account with no monthly fee that could be used to send and receive money, as well as exchange currency. Since then, users sent more than EUR 1 billion to Ukraine through the app, mainly from Germany, the UK, Ireland, Poland, and the Netherlands.