Revolut warned clients in Ukraine about account closures - Forbes Ukraine

British fintech Revolut has started warning users about the suspension of services in Ukraine and the upcoming closure of local clients' accounts, Forbes Ukraine has reported. According to him, the letters about this began to arrive to users in the country on Monday, December 22.

The statement said that the decision was made due to the requirements of local legislation, Forbes Ukraine reports. It is not specified what exactly is meant. Neobank gave customers 60 days to withdraw funds and download account statements. During this period, the account can be used as usual, but after its expiration, the account will be closed and it will be possible only to withdraw money to another bank.

"Although we cannot provide our services to residents of Ukraine now, we hope that in the future it will be possible. We will let you know if the situation changes," Revolut said in the letter (quoted by Forbes Ukraine).

Oninvest sent an inquiry to the press service of Revolut. "We are not working in Ukraine at the moment," a service support employee told Oninvest's correspondent.

Revolut started opening accounts for Ukrainian residents in early 2025, Forbes Ukraine wrote. In February 2025, the National Bank of Ukraine (NBU) said that Revolut did not have a license to operate in the country. "The only permissible forms of doing banking business in Ukraine are by establishing a branch of a foreign bank or obtaining a banking license issued in Ukraine. Each of these options requires authorization from the NBU," the regulator said at the time. At that time, Revolut had not obtained any licenses or permits from the NBU, nor had it submitted any relevant applications or gone through the licensing process, it added.

As early as April, Revolut suspended the registration of new users in Ukraine: the company told DOU that it would not affect the actual users in the country at that time. A possible reason for the suspension of registration of new clients was Revolut's lack of a banking license from the NBU, Economic Pravda suggested.

In early November, Revolut warned citizens of Russia and Belarus living in Europe that their accounts would be blocked if they did not upload a European residence permit to the system by December 31, 2025. In early December, the fintech also introduced new restrictions for customers in France: it notified of a ban on crediting money from cards issued by banks from more than 50 countries, including Monaco, Israel, Serbia, Kazakhstan and Georgia.

This article was AI-translated and verified by a human editor