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Automatically translated version. May contain inaccuracies compared to the original.
The National Bank of Ukraine 22 August banned companies and individuals operating under the MONEY24/7 brand from providing financial services through internet services and the network of branded branches. The restrictions affected the site money24.kiev.ua, the trademarks MONEY24/7, as well as the service’s branded Telegram channels and bots. The decision was the result of supervisory measures during which the regulator identified a number of systemic violations in the network’s operations.
As a result of the inspection, the National Bank of Ukraine found that operations under the MONEY24/7 brand were in fact conducting transactions with signs of financial services without the necessary permits. This is stated in the regulator’s official decision. It involved trading of currency valuables in cash form, attracting funds and precious metals subject to return, as well as transfers of funds without opening an account.
The regulator also recorded aggressive advertising of the services and the absence of relevant NBU licenses for most of the listed companies. Legal and economic links were also established between the companies and services that operated under the single MONEY24/7 brand.
The National Bank recognized that such activities have the characteristics of providing financial and payment services without the necessary authorization, license, or registration. Therefore, the relevant persons were prohibited from continuing to operate through the website, branded branches, trademarks, Telegram bots, and other MONEY24/7 resources. At the same time, the ban does not apply to LLC “FU “HGLA” insofar as trading in currency valuables in cash form, which the company carries out on the basis of a valid license.
The decision was made on the basis of three laws.
The National Bank’s decision was made on the basis of Ukraine’s laws “On Financial Services and Financial Companies,” “On Payment Services,” and “On Currency and Currency Transactions.” These provisions give the regulator the right to prohibit the activities of persons who provide financial services without proper authorization or a license, regardless of under which brand and through which channels they operate.
The ban applies not only to officially registered companies but also to individuals associated with the brand. This means that continuing to operate through any other resources under the MONEY24/7 trademark after the NBU decision will be a direct violation of the law.
Earlier Informator reported that the police conducted searches at the Money24/7 exchange network following investigations by Bihus.info, which revealed numerous violations and complaints from defrauded customers. According to the journalists, the business owner Andriy Smirnov admitted to huge debts and to using funds from new clients to pay previous ones. The total amount of victims’ losses reached about 10 million dollars.
We also wrote that as early as 2023, the NBU had already revoked the permit for financial services from the company behind this brand for providing false information to the regulator. ⚠️ The link needs to be added manually Despite this, the network continued to operate under the same brand.
Document: PDF proof of the original version of the news item "НБУ заборонив діяльність мережі MONEY24/7 - що виявив регулятор". It records the publication content at the moment of the first scan, the preservation date and the source: Informator.
