Ukraine’s central bank says Revolut’s account closures stem from a lack of local licensing

The National Bank of Ukraine (NBU) has clarified the reason behind fintech giant Revolut's recent decision to close accounts for its Ukrainian residents, stating that any firm wishing to offer financial services in the country must first obtain a local license and adhere to Ukrainian law.

The statement comes after Revolut, one of the most valuable startups in Europe's most valuable startup, began notifying its Ukrainian users that their accounts, opened through its Lithuanian entity, would be closed within 60 days. In April 2025, Revolut suspended new client registrations from Ukraine after the National Bank of Ukraine reiterated that the company was operating without a local licence.

While the initial news caused confusion and concern, the NBU's comments reframe the situation not as a permanent exit, but as a regulatory impasse.

What the NBU Is Saying

The central bank emphasized that its rules are the same for all market participants and that it had previously provided Revolut with "comprehensive clarifications" on the necessary authorization procedures.

"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 a press release.

The regulator confirmed that Revolut had informed them of its intention to suspend services and stressed that the door remains open for the company to re-enter the market legally.

• Revolut Targets High-Net-Worth Clients in Potential Blackstone Partnership
• Revolut Offers Ex-Staff 30% Discounted Exit After $75 Billion Valuation
• Revolut Launches UK Waitlist for Corporate Card Automating Business Expenses

"We remain open to regulatory dialogue with the Revolut company and welcome any properly authorized form of this company's presence in the financial market of Ukraine," the NBU noted, adding that it would ensure a "prompt review" of any application package.

Crucially, the NBU also clarified that the account closures will not affect Ukrainian refugees who are officially registered and residing in the European Economic Area. Their accounts will continue to be serviced by Revolut.

For Revolut, a company with global ambitions and a potential IPO on the horizon, the situation in Ukraine is a clear example of the challenges that global fintechs face when scaling into jurisdictions with robust and assertive national regulators.

The company must now decide on its future strategy for the Ukrainian market, weighing the benefits of obtaining a local license against the costs and complexities of full regulatory compliance.