the BitCapital Internet service , which masked the hryvnia loans under “cryptocurrency loans”. According to the regulator, more than 700 Ukrainians were injured from this scheme, most of whom are socially disadvantaged citizens and servicemen.
At first glance, the service offered loans in the USDT (Tether), but after in -depth analysis it became clear that the loans were actually issued in UAH. The company operated outside the legal field of Ukraine, bypassing regulatory mechanisms and violating financial services laws.
“Bitcapital formally granted loans in cryptoactiva, but in fact made lending in the national currency of Ukraine. All this was hidden in the contract that misleaded consumers, ”the NBU said.
In addition, the company used a non-resident legal entity Golden Interest Group Limited abroad to avoid regulation by Ukrainian financial authorities.
The National Bank found the following violations:
- Excessively high interest rates that exceed legislative restrictions.
- Failure to comply with consumer protection standards, including the lack of a clear display of the full value of the loan.
- The opacity of the loan conditions that led customers.
- Lack of compulsory information on the company's website.
The victims, including socially vulnerable citizens and servicemen, did not receive the privileges provided by law, and the debts from them were levied using rigid methods.
The regulator found that the key persons BitCapital have signs of unwell business reputation. This can be the basis for the application of sanctions and further legal actions.
“The only legal payment in Ukraine is the hryvnia. And the lack of full legislation on the circulation of virtual assets creates gaps used by unscrupulous companies, ”the NBU reminded.
The National Bank urges citizens to be as careful as possible when collaborating with online platforms, especially those working with cryptocurrencies. The regulator is reminiscent of the risks that accompany such operations and recommends that financial services information carefully check.
