PrivatBank has imposed restrictions on the account of a client involved in cryptocurrency exchange, reflecting the financial institution's response to the situation.

A client of PrivatBank exchanged cryptocurrency to their card. Following this, restrictions were placed on their account, and they were asked to provide an explanation regarding the movement of funds on the card. The client complied with all the requirements, yet the account restrictions remain in effect. A corresponding complaint was published on the Ministry of Finance's website on November 8.

The individual demands that PrivatBank terminate their business relationship or lift the restrictions on the card. They have provided all the necessary official salary documentation, but the situation has not changed.

"I exchanged cryptocurrency to my card. After that, restrictions were placed on my card, and I was asked to provide explanations regarding the movement of funds on the card. I complied with all requests. Then I was asked to submit supporting documents (salary) and so on. I also provided official salary documents for a year. I met all the requirements, yet the restrictions on my card persist. The funds remain on the card, and the business relationship continues. The chat operator offers no specifics; when I asked why my own funds are restricted, given that I provided all documents, including official actions, there was no concrete answer. Please terminate the business relationship or lift the restrictions on the card, as I have provided explanations regarding the movement of funds on the card and all supporting official documents related to my salary and income," said the man.

PrivatBank's Response to the Man's Complaint

PrivatBank states that they operate strictly within the framework of the current legislation and the regulatory acts of the National Bank of Ukraine that govern banking activities. All actions are carried out in accordance with internal procedures and comply with safety requirements and financial monitoring regulations in Ukraine. As a subject of primary financial monitoring, the bank is obliged to take measures aimed at preventing and counteracting the legalization of proceeds obtained through criminal means, financing terrorism, and the proliferation of weapons of mass destruction.

"Currently, your service is restricted. In the event of terminating the business relationship, there is an option to transfer balances to another bank. To transfer your funds from the accounts, you or your representative must visit any bank branch with the following: details of the account opened in another bank in your name, documents confirming the authority to manage the accounts, identification documents, a document verifying registration in the State Register of Individuals - Taxpayers, containing the registration number of the taxpayer's account card in Ukraine, and an application for the transfer of remaining funds," advised PrivatBank.