The online service BitCapital has established an illegal scheme for providing loans, disguising its operations as transactions with crypto assets. This was reported by the National Bank of Ukraine (NBU) in a Telegram message.
The NBU has received hundreds of complaints from citizens who have been affected by the activities of this company. A thorough analysis revealed that BitCapital has constructed a complex mechanism to circumvent the law: while formally offering loans in USDT, they are actually issuing loans in hryvnia, bypassing all legally established regulatory frameworks.
As a result, after analyzing BitCapital's operations, a fundamental decision has been made: to recognize the transactions conducted on this online service as containing signs of a financial service for providing loans, which constitutes a violation of the Law of Ukraine "On Financial Services and Financial Companies."
Furthermore, the company is prohibited from engaging in such activities in Ukraine until it fully complies with all legal requirements for operating in the financial market (without any manipulations or disguises of the economic essence of the service).