NBU Prohibits Crypsee from Providing Lending Services

The National Bank of Ukraine (NBU) has taken decisive action against the online financial service Crypsee, operated by Hi-tech dynamics group limited Plc, a UK-registered company. The regulator announced that the prohibition was prompted by serious violations that revealed the service was engaged in lending activities targeting Ukrainian consumers, in direct contravention of existing legislation.

According to information released by the NBU, an in-depth analysis of Crypsee's operations indicated that the company, while formally offering loans in USDT, was actually providing credit in the national currency of Ukraine – the hryvnia. This practice was conducted in violation of all established regulatory mechanisms mandated by law. The NBU's website noted that the transactions executed by Crypsee are akin to those of BitCapital, a service whose operations were deemed illegal back in February 2025.

The NBU has received over 970 complaints from citizens who became clients of Crypsee. In these grievances, consumers reported exorbitant interest rates, unlawful charges, opaque lending conditions, and aggressive debt collection methods. Vulnerable groups, particularly socially disadvantaged individuals and military personnel, were notably affected, as the company denied them their legislative benefits.

Furthermore, an investigation into Crypsee's activities uncovered a series of serious violations, including exceeding the maximum daily interest rate, failing to comply with consumer rights protection laws, and a lack of transparency in disclosing the total cost of loans. Consumers were misled regarding the terms of lending, and the company's website failed to provide the mandatory disclosure information required by law.

The National Bank of Ukraine emphasized that the hryvnia is the only legal means of payment within Ukraine, and that legislation concerning virtual assets is still under development. In light of this, the regulator urged citizens to verify whether any institution offering financial or similar services is included in the NBU's registries before signing any contracts.

According to the NBU, Hi-tech dynamics group limited Plc was registered in the United Kingdom on July 10, 2024. Among the licenses held by the company are those for software development for business and home use, as well as advisory activities in the field of information technology. The company is led by Estonian citizen Palmoja Valdemar, born in 1987.