Friday14 February 2025
manipulyator.in.ua

The NBU has warned about the risks associated with collaborating with the BitCapital service.

The National Bank acknowledges that it does not have direct influence over BitCapital, as the parent company is registered abroad and does not hold a license in Ukraine.
НБУ предупредил о возможных рисках при работе с сервисом BitCapital.

The management of the National Bank of Ukraine has recognized the services of the BitCapital platform as financial. The company claimed to issue loans in cryptocurrency but, in reality, provided loans in hryvnias without proper registration.

The regulatory authority made the corresponding decision on February 4, as reported by the NBU press service.

“The National Bank of Ukraine, after analyzing BitCapital's transactions, identified signs of providing financial services in the form of lending, which violates the Law of Ukraine on 'Financial Services and Financial Companies.' To circumvent legislative requirements, the company disguised this service as loans in crypto-assets,” stated the NBU.

The regulator specified that, despite the formal provision of loans in USDT, borrowers actually received loans in hryvnias. Consequently, BitCapital was engaged in micro-lending in Ukraine without a license and permits.

The absence of a license allowed the company to bypass restrictions on interest rates. Additionally, the service's collectors violated the law by putting pressure on borrowers.

The NBU received over 700 complaints about BitCapital. Most frequently, users noted excessive interest rates and aggressive debt collection methods.

“Socially vulnerable citizens and military personnel were particularly affected. The company denied them the benefits provided by law and aggressively pursued debt collection,” the National Bank added.

According to the regulator, BitCapital is owned by the British company GOLDEN INTEREST GROUP LIMITED. The NBU has already sent a request to the British regulator asking for action to be taken.

The National Bank acknowledges that it does not have direct influence over BitCapital, as the parent company is registered abroad and does not hold a license in Ukraine.

Funds for clients of the service were transferred through illegal schemes, utilizing p2p transfers via a network of drops, explained Olga Lobaychuk, head of the consumer rights protection department for financial services.

The NBU's decision will lead to a number of consequences:

  • The regulator found the reputation of BitCapital's management and owners to be less than impeccable.
  • Licensed banks and financial companies are prohibited from cooperating with the service, including sharing data from credit history bureaus.
  • The decision may be used in courts to declare BitCapital's loan agreements invalid.
  • Law enforcement agencies will be able to reference it during investigations into the company's activities.

The National Bank will inform consumers about services providing financial services without a license on its official website.