BU Clarifies Regulatory Status Following Revolut Account Closures for Residents

The National Bank of Ukraine (NBU) has addressed the recent decision by European fintech giant Revolut to terminate services for its Ukrainian-based residents, underscoring that all financial service providers must operate under local licensing frameworks.

The clarification follows notifications sent by Revolut to users who opened accounts via its Lithuanian entity, informing them that their accounts would be closed within a 60-day window. This development traces back to April 2025, when Revolut suspended new registrations in the country following a reiteration from the central bank regarding the firm's lack of a domestic license.

Regulatory Compliance and Market Access

The NBU maintains that its regulatory requirements are applied consistently across all market participants. According to the regulator, Revolut had previously received comprehensive guidance on the authorization procedures necessary to operate legally within the jurisdiction.

"The rules are the same for everyone—any company that intends to provide financial services to residents of Ukraine must go through the authorization procedure in accordance with the requirements of Ukrainian legislation," the NBU stated in an official release.

The central bank confirmed it was notified by Revolut of the service suspension but noted that the path remains open for a regulated re-entry. The NBU expressed a willingness to engage in regulatory dialogue and indicated that any future application for authorization would be subject to a prompt review.

Impact on EEA-Based Residents

The NBU clarified a critical distinction in the account closure process: Ukrainian citizens who are officially registered and residing within the European Economic Area (EEA) will not be affected. These users will continue to be serviced by Revolut’s European entity under its existing regional permissions.

For Revolut, the situation highlights the ongoing complexities of cross-border fintech expansion. The company now faces a strategic choice between pursuing a full local license to maintain its presence in the Ukrainian market or focusing its resources on other jurisdictions where it already holds regulatory approval.