⚡️ Revolut Exits Ukraine After Only 10 Months: Monobank Monopoly or Regulatory Pressure?

The British fintech giant Revolut has officially announced it is closing the accounts of its Ukrainian clients. What began as an ambitious market entry in February 2025 has come to an abrupt end this December.

What happened?
The official reason cited is "aligning operations with the requirements of Ukrainian legislation." Despite grand plans to simplify cross-border payments and integration, the neobank hit a brick wall of local regulations.

Key Theories Behind the Exit:

Regulatory Pressure: The National Bank of Ukraine (NBU) continues its strict policy on capital controls and its crackdown on "mis-coding." It is likely that Revolut’s business model couldn't adapt to the current licensing demands.The "Gorokhovsky" Factor: Oleg Gorokhovsky, co-founder of monobank, has often joked about global players trying to enter his "home turf." The crypto community is already buzzing with speculation: is this the result of powerful lobbying by local giants to maintain their effective monopoly on high-tech banking?Crypto Gateways: For many Ukrainians, Revolut served as a vital bridge for P2P transactions on Binance. The closure of these accounts is a significant blow to liquidity and P2P arbitrage convenience.

What should users do?
Revolut is providing a limited window to withdraw funds. If you used the bank for crypto "on-ramps" or "off-ramps," it’s time to look for alternatives—though the options within Ukraine are shrinking fast.

It seems the Ukrainian fintech market remains a "closed club." We are waiting for official statements from the NBU and, inevitably, some ironic posts from Gorokhovsky’s Telegram channel.

What’s your take: Is this a necessary protection of the national market or a step backward from globalization? Let us know in the comments! 👇

#Revolut #Ukraine #Fintech #Monobank #Banking